AirPay, Mastercard Thanachart Bank Join Forces in Launching AirPay Card to Accelerate E-Payment Growth, Target Gen Me, Expect to Attract 1,000,000 Users by 2017

Stocks and Financial Services Press Releases Thursday November 17, 2016 16:41
Bangkok--17 Nov--Thanachart Bank

AirPay (Thailand) Company Limited joins hands with Mastercard and Thanachart Bank in launching AirPay Card, a virtual prepaid card promising to not just accelerate but also encourage the growth of e-Payment by increasing the convenience of online transactions. Its launch supports Thailand's transition into a cashless society with Generation Me (Gen Me) group empowered than ever before to shop online. AirPay Card is expected to gain 1,000,000 card owners by 2017.

Ms. Maneerut Anulomsombut, CEO of Garena Online (Thailand) Company Limited, says AirPay offers an offline payment service with the support of 85,000 over-the-counter distribution channels across the country plus AirPay, a mobile application that allows users to conveniently pay their bills, refill their credit, buy movie tickets, air tickets, bus tickets and ferry tickets and even donate money to charity organizations. At present, AirPay Application has had up to 1,400,000 registered users. Most of them are between 17 and 24 years old who love spending money on entertainment and lifestyle products. According to a study of consumer behavior by AirPay, there are 10 million Gen Me consumers (aged between 15 and 24 years old) in Thailand. In other words, Gen Me accounts for 15 per cent of Thai population. The research shows Gen Me consumers are savvy about using IT devices and technology to access the services and products they are interested in. So, they are familiar with online transactions. However, 70 per cent of AirPay Application users do not have a credit card or a debit card for e-payments. Up to 72 per cent of the app users have thus expressed the wish to obtain a credit card. Such findings correspond with the Electronic Transactions Development Agency (ETDA)'s statement that most online shoppers prefer offline payment due to a lack of confidence in e-Payments as well as age and income eligibility for credit card.

Recognizing that there are opportunities to develop new payment services on top its application, AirPay has decided to launch AirPay Card to respond better to online shoppers' needs, encourage spending and pave the way for Thailand's to transit into a Cashless Society. Through AirPay's collaboration with Mastercard, one of the world's leading global payments gateway services, and Thanachart Bank, the institution with comprehensive financial services, AirPay is now introducing the virtual prepaid card which can be used at any online shops and merchants, in any location where Mastercard is accepted. AirPay Card comes with 3-D Secure (MasterCard SecureCode) which requires an OTP (One-Time Password) prior to completing a payment ensuring additional safety and security while making online transactions. Furthermore, the card registration was made easy for the consumers since it does not require any personally identifiable information to register. Credit top-up can be made through a variety of different channels. The card owners can top up anytime, anywhere - on AirPay Application, at 85,000 AirPay counters, and at participating branches nationwide: over 1,700 stores of Tesco Lotus, various bank counters and Internet banking services.

Ms. Natsicha Voraprukpisut, VP, Head of Market Development, Mastercard Thailand, says, "Partnering with AirPay and Thanachart Bank has enabled us to bring the benefits of innovative payment to AirPay existing and prospective wallet holders to access to 43 million merchants across the world".

"Cashless Society has long been Mastercard's priority. Mastercard has always aimed to eliminate cash through introducing electronic payment in order to make payment more secured, transparent and convenient"

Mr. Prinya Jinantuya FVP, Payments and Merchant Acquiring, Thanachart Bank Public Company Limited, says, "As for the AirPay Card project, we are the Sponsor Bank for Bank Identification Number or BIN, which is the 16 digit numbers on the card. As the only service provider of BIN issuance in Thailand, Thanachart Bank would help facilitate the issuing of AirPay Card in the form of virtual prepaid card. This virtual prepaid card is resembled to physical credit card that can be used to buy goods and services online."

"Thanachart Bank strongly believes that AirPay Card project would be well-received by the public as the project was designed to align and support the National e-Payment scheme that the government has been pushing forward in order to develop and improve the payment system in Thailand. The National e-Payment schemes also aim to enhance the electronic payment system in Thailand to reach the international standard which in return will positively boost Thai economy as a whole."

Mr. Prinya also added that "Thanachart Bank as a leader and expert in payment system are delighted to support this partnership in order to reduce the limitation and barriers of e-Payment accessibility for online shopper who has no access to credit card. We also want to offer people the ease of payment with the highest international standard security system in order to create the true Cashless Society in Thailand."

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