KASIKORNBANK the first financial institution in the world to offer mobile application-based Verified by Visa service with selected retailers and service providers
Recognizing the growing number of people making purchases via mobile applications, Visa has partnered KASIKORNBANK to enable its Verified by Visa identity authentication service to be integrated with a mobile application, allowing customers the convenience of making secure purchases on-the-go with their mobile phones.
Verified by Visa provides Visa cardholders with an additional layer of security via a one-time-password when making online or mobile purchases. Customers of Thailand’s KASIKORNBANK are the first in the world to enjoy the new security feature when they download and use selected merchants’ mobile applications on their Android, Blackberry or iPhone handsets.
Among the first retailers and service providers to participate in the program are Amway, Nokair, Paysbuy, SF Cinema, Tarad.com, Thai Airways International Public Company Limited and Thaiticketmajor. The mobile applications provided by these companies have been integrated with KASIKORNBANK’s K-Payment Gateway system which supports the Verified by Visa service. Once the KASIKORNBANK Visa card number and purchase amount is entered into the application window, cardholders will be sent a one-time-password via SMS which they have to input in order to complete the purchase.
Somboon Krobteeranon, Country Manager, Visa Thailand said “In Thailand, shopping via mobile applications is growing in popularity with Thai consumers because it is often more convenient and easier to use compared to a mobile web browser interface. Visa has kept in step with this trend by developing a mobile application integrated with a secure payment page with Verified by Visa.”
“This means that Thai consumers now have access to online shopping opportunities via mobile applications with Visa’s secure payment system. KASIKORNBANK is the first in the world to apply our system to their secure payment gateway and this new service will be a pioneering step for mobile commerce in Thailand,” Krobteeranon added.
"KASIKORNBANK started offering online payment solution with Verified by Visa service in 2005 to provide our customers with a more secure online shopping and payment experience. Now that mobile is taking off as a payment channel in Thailand, we are pleased to be working again with Visa to introduce the world’s first mobile application integration with Verified by Visa,” said Art Wichiencharoen, First Senior Vice President, KASIKORNBANK.
KASIKORNBANK is a pioneer in payment innovation in Thailand. It was the first bank in Thailand to launch the Verified by Visa in 2005 and the first bank in Southeast Asia to introduce to introduce Verified by Visa One Time Password via SMS service in March 2010. KASIKORNBANK is also the first bank in Thailand to launch a Visa payWave mobile contactless payment pilot program.
Verified by Visa is available to Visa cardholders in over 80 countries across the world.
Verified by Visa is a secure method of authenticating the cardholder’s identity via a password for online or mobile transactions. The service prompts the cardholder to enter a personal password when paying for goods with their Visa card just as they would provide a PIN or signature at a sales counter. The password authenticates the identity of the cardholder and protects their Visa account from unauthorized use. Cardholders should enroll for the Verified by Visa service with KASIKORNBANK.
How the mobile application-based Verified by Visa service works:
1. KASIKORNBANK Visa cardholders can download the participating merchants’ mobile application to their iPhone, Android or Blackberry smart phones.
2. Cardholders can select and purchase goods and services on the merchants’ mobile application and confirm payment.
3. Once payment is confirmed, cardholders will be redirected to K-Payment Gateway secure payment page and enter their KASIKORNBANK Visa card number and purchase amount into the application window.
4. Cardholders will then be sent a one-time-password (OTP) via SMS by the Verified by Visa service, which they have to input into the secure payment page in order to complete the purchase.
About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com
Photo: Somboon Krobteeranon, Country Manager, Thailand, Visa, Art Wichiencharoen, First Senior Vice President, KASIKORNBANK, and Mr.Silawat Santivisat First Senior Vice President, KASIKORNBANK were host to launch a World-First in Mobile Commerce with 7 leader retailers in Thailand which are Amway, Nokair, Paysbuy, SF Cinema, Tarad.com, Thai Airways International Public Company Limited and Thaiticketmajor.
For further media information, please contact:
Waruch-on Manomairat
Spark Communications
Tel: 02 653 2717-9
Email:
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Click for photo release at www.thaipr.net