KBank joins with SUN108 and Alipay to develop vending machines that accept Alipay mobile payment

Stocks and Financial Services Press Releases Thursday July 13, 2017 12:24
Bangkok--13 Jul--KASIKORNBANK

Three leading corporations – KASIKORNBANK (KBank), SUN 108 Co., Ltd. and Alipay – have teamed to develop vending machines incorporating an Alipay payment-accepting function. This will allow Chinese tourists, with the number of arrivals projected to top 9.8 million in this year, to conveniently buy food and beverages, by scanning the QR Code displayed on vending machines with their Alipay app. At the initial stage, 24 machines have been installed at popular Chinese tourist sites and department stores, with an aim to expand the number to 500 machines within three years.

Ms. Supaneewan Chutrakul, KBank First Senior Vice President, said that KBank, SUN108 and Alipay teamed to develop the QR Code-accepting vending machines which offer an additional payment channel to customers using Alipay. They just open the Alipay app on their smartphones to scan QR Code displayed on the vending machines, allowing them to pay instantly. The service aims to provide greater convenience to Chinese visitors who prefer to make such payments via Alipay – a third-party payment solution by which users link their bank or credit card account to the digital wallet, or e-Wallet. This cooperation with SUN108 and Alipay has reinforced KBank's leadership in offering cross-border payment services. KBank sees greater business opportunities in line with the considerable influx of Chinese visitors to Thailand, with strong purchasing power and a preference for Thai products and services. Additionally, this tourist segment isgenerally familiar with mobile payment.

Mr. Vathit Chokwatana, Managing Director of SUN 108 Co., Ltd., Thailand's leading vending machine operator under the name SUN108Vending, said that there are now around 10,000 vending machines operating in the Thai market. The company aims to forward the development of new payment systems to accommodate consumers' changing lifestyles. To this end, SUN108 has partnered with KBankand Alipay to develop a smart vending machine where customers simply use their smartphone with Alipay app to scan the QR Code on the vending machine. To date, 24 Alipay-compatible vending machines have been made available at tourist attractions such as CentralPlaza Grand Rama 9, CentralPlaza WestGate, CentralPlaza Salaya and CentralFestival Pattaya Beach. The company plans to have 500 Alipay-compatible vending machines in place within the next three years.

Ms. Pipavin Sodprasert, Thailand Country Manager of ANT Financial Services Group, an e-payment service provider via Alipay app, said that currently, Chinese tourists visiting Thailand typically make payments via Alipay for shopping (27 percent), accommodation (26 percent) and food & beverages (18 percent). The cooperation with business partners such as KBank and SUN108 will help provide more convenience for Chinese tourists to expand beyond just spending at large and small retail stores in Thailand but also at these new and innovative vending machines across the country. Currently, China is Thailand's largest foreign tourist market, with the number of arrivals projected to top 9.8 million in 2017.

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