Tie-up to help SMEs process e-payments
Austin Wang
Payment Solutions @ Ksherhttps://www.bangkokpost.com/business/2130587/tie-up-to-help-smes-process-e-payments
Visa is partnering with Ksher, a local e-payments startup, to make it easier for small and medium-sized enterprises and individuals to accept Visa payments.
Through this partnership, Ksher aims to enable over 10,000 online merchants to digitise and simplify their payments process by the end of this year.
"Today's consumers are changing. They expect frictionless payments that are fast, convenient and secure," said Suripong Tantiyanon, country manager of Visa Thailand.
"Enabling online sellers, regardless of their size, to accept digital payments will translate to more selling opportunities, improved operational efficiencies, and a better focus on growing their businesses," said Mr Suripong.
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Ksher will focus on introducing LinkPay, an instantly deployable payment product that can be used by sellers wherever they sell.
To pay, customers must scan a QR code or click a link. Once complete, they will be taken to a secure page where they can add their credit card or debit card details and pay. LinkPay will then authenticate the purchase, match payments to orders, and send a notification of the transaction to the seller and buyer to show a purchase has been completed.
LinkPay will allow sellers to manage orders and check their balance from anywhere and this can be shared across multiple platforms, including Facebook, Instagram, Line, YouTube and WhatsApp.
Santit Jirawongkraisorn, senior vice-president of Ksher, said: "As a leading digital payments service provider, we continue to explore opportunities and pioneer new products that will empower Thai businesses."
"Our goal is to pave the way for sellers to participate in the new social and digital economy by making it simpler and easier to accept digital payments regardless of where they sell from. Our partnership with Visa means we will be able to offer a seamless and secure digital payment method to Thailand's growing number of online sellers and give them access to digitised solutions which simplify and standardise payments."
Over the past year, Thai consumers have turned to digital payments when shopping, with 21% of people using QR codes to pay for the first time.
Visa's latest consumer payment preference study found more than three in four Thais use QR code payments (77%) at least once a week. Gen Y (48%) is most familiar with using QR codes for payments, followed by Gen X (40%) and Gen Z (38%).
"The rise of tech-savvy consumers, more flexibility in how and where we work, and the need for speed, security and convenience are shifting the commerce landscape in Thailand. That means we need to think creatively about solutions we provide to today's sellers to enable them to keep up with the changing behaviours and habits," said Mr Suripong. "We are excited about the possibility of reaching more small and agile merchants in partnership with Ksher and we look forward to a long and fruitful relationship."