Total payment volume for all Visa cards rose by 9.3 per cent last financial year, with growth coming from Visa debit cards at 18 per cent and Visa credit cards at 8.6 per cent. Meanwhile, the value of e-commerce transactions conducted |on Visa cards rose by 24 per cent.
“While such growth is not new |to the payments industry, we are at a tipping point of innovation,” said Suripong Tantiyanon, Visa country manager, Thailand.
“New forms of commerce in the digital and hyper-connected world are emerging. When our clients issue Visa cards, they are issuing more than a card, they are issuing a Visa account that enables their customers to use Visa anywhere, any time, with any connected device.”
To support payment innovation in Thailand, Visa has launched the Visa Developer platform, transforming VisaNet, the world’s largest retail payment network, into an open platform for payments and commerce.
Developers at merchants, financial institutions, technology companies and start-ups will have self-serve access to some of Visa’s most popular payment capabilities available through application program interfaces (APIs), software development kit (SDKs), and relevant documentation.
One example of a solution developed and launched in Thailand is a global loyalty mobile application, using the Visa Direct API to provide real-time payment services. The product allows direct transfer |of reward points to users’ Visa |cards.
The Visa Tokens Service is another API that enables financial institutions to issue tokens – in essence digital accounts that enhance the security and simplify the purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device.
Visa is also expanding the acceptance of electronic payments across the country. The number of merchant outlets that accept Visa cards has grown to almost half a million in 2016, particularly outside of Bangkok. The number of active mobile point of sale devices is almost 50,000, buoyed by insurance sales.
“Enormous potential exists for technology to transform the entire payments experience. Many businesses are still relying on legacy systems in a world where customers want everything now – and customer experience matters. Visa strives to extend the reach and value of electronic payments in ways that can power these changes,” Suripong said.
Published : Aug 13, 2022
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By : THE NATION