Tisco gets smart with two-in-one card

Enabling customers to complete deposits, withdrawals, money transfers and payments, the card can be used at Tisco's new eMoney ATMs, also known as eTMs.

Tisco Bank and Krung Thai Bank already offer cards that can be used as an ATM card, a smart card for payment instead of cash and an ID card for the University of the Thai Chamber of Commerce and Sripatum University, respectively. But cardholders are limited to students from these two institutions, and the smartcard facility is usable only at 7Eleven stores and a limited number of other shops.

Now, however, holders of Tisco's new Purse card can use the plastic for payment at more than 12,000 shops across the country - 7Eleven stores and many other retail outlets - with a stored value of between Bt50 and Bt50,000. Cardholders will also build up reward points based on what they spend.

Sakchai Peechapat, executive vice president and head of retail banking, said the bank now offered the Tisco Purse card to depositors who want to add smartpurse functions to their ATM card, for a fee of Bt250 for three years.

The bank will this year install 100 eTMs as the new channel for topping up the stored value in the card.

"The bank will reward customers with promotions worth more than the fee, while customers who deposit more than Bt200,000 with the bank will not be charged a fee at all," said Sakchai.

Tisco Purse cardholders can top up their credit by transferring money from their savings account into the smart card. They also can transfer money from the purse to their bank account free of charge via eTM.

Smartpurse cardholders who have no Tisco Bank account can also transfer money between their purse and their ATM card via eTM, but they will be charged for doing so. Tisco Bank cardholders will not, however, be charged when using the other banks' ATMs.

"Moreover, in the fourth quarter we will allow our loan customers to pay instalments via eTM and allow our savings account customers to buy mutual fund and bancassurance products from the bank," said Sakchai.

The bank expects to hit its target of 100,000 new savings accounts this year after launching many marketing activities, as well as cooperating with companies over the provision of its new card to their employees.

Chatchai Chatchaiganan, chief commercial officer and chief operating officer of Thai Smart Card - the service provider - said his company had to date worked with just Krung Thai Bank and Tisco Bank with regard to these services. However, it expects more bank partners soon.

"Within this year, we and our two bank partners will launch threeinone cards with three educational institutions, and add an ATM function to North Chiang Mai University's smartpurse card," said Chatchai.

The current level of payment transactions via smart purse cards is about Bt350 million a month, he added.