NTT DATA confident in Thailand’s capability to move ahead in financial digital era, says credit card QR payment is gaining popularity, suggests system upgrade to accommodate new trends
Bangkok – 28 February 2022 - NTT DATA (Thailand) Co., Ltd.,subsidiary of NTT DATA Corporation, a leading global digital business and IT service provider, says Thailand’s financial sector remains capable of moving ahead in the digital financial era and is keeping a close watch on credit card QR payment which is growing in popularity among Thai consumers as well as transactions via PromptPay. It also says providers, banks and retail lenders are ready to invest in credit card QR payment systems and suggests prioritizing security and preparing for new trends such as cryptocurrencies which provide an excellent opportunity for end-to-end payment services.
Mr Hironari Tomioka, President and CEO of NTT DATA (Thailand) Co., Ltd. reveals that Thailand has been able to enter the world of digital financial services quickly due to its technology readiness. Strategies adopted by existing business operators and major commercial banks which respond well to the new financial reality, the emergence of FinTech companies and startups, and the cooperation of the three sectors helped develop and promote the digital financial ecosystem with innovative financial solutions that progress ahead rapidly. Meanwhile, Thai consumers are becoming more accustomed to the new context of cashless payment through e-payment or digital payment of nearly every type, especially purchases paid through QR code instead of cash, which is convenient, fast, and secure and carries no fee and is an ideal form of payment amid the COVID-19 outbreak over the last two years. According to the Bank of Thailand (BOT), there are over 7.4 million Thai QR Payment acceptance points (as of August 2020) nationwide, including at shopping malls, medium- to small-sized retailers, public services, hospitals, educational institutions, transport services and e-donation services. In 2020, up to 13.39 million transactions were made via Thai QR Payment, a 49.14% increase from 2019.
However, such behavior was a factor that boosted investment in the system to accommodate demand for QR payment via credit cards. Nearly 20 million credit cards are currently in use in Thailand and there are retail loans, such as cash cards, personal loans, and cross-border QR payments which are growing in popularity as they are convenient, fast, and secure, in addition to traditional transactions. The banking sector, credit providers, retail lenders as well as operators of shopping malls and large, medium and small sized retailers all have invested in upgrading their system to meet customer demand in the digital financial era, which in turn decrease hardware and management costs for the service providers and business operators. When upgrading the system, convenience, fastness, and maximum security must be taken into account in conjunction with the preparation of a system that will accommodate new forms of payment in the future, such as QR payment. Moreover, businesses should also learn more about cryptocurrencies or digital assets, the new trend in the digital financial environment. NTT DATA is capable of developing and connecting all aforementioned payment systems.
NTT DATA is one of the key providers of all payment solutions, including payments, credit cards, and cross-border payments. It offers end-to-end services from providing advice, designing, procuring, and developing payment technology and card processing solutions, payments via mobile applications, as well as business intelligence and data analytics, including business intelligence that uses information on consumer’s spending transactions to analyze and make predictions related to payment transactions. It focuses on presenting innovative, technology-based solutions that utilize specialized resources and experience in adopting payment solutions, enhance investment efficiency and maximize returns, to support financial businesses by improving agility through working on multiple platforms including:
- Card Management System (Issuing)–To manage accounts for end customers or card holders, covering Visa, MasterCard, UnionPay and JCB cards, and enable the issuing of a variety of cards including non-card accounts and the setting of parameters online to introduce new products to customers promptly. The Company is able to provide various services, including credit cards, virtual cards, revolving cards, fleet cards, corporate cards and others, which can be used collectively or to complement each other.
- Merchant Management System (Acquiring)–designed for stores to accommodate payment through a variety of channels and allow continued improvements, by increasing flexibility, convenience and comprehensiveness to services provided to customers, which create opportunities for retailers in enhancing their competitiveness in the market.
- Payment Gateway–A service for retailers provided by NTT DATA which helps end customers to make online payments to an e-commerce website or mobile application via credit card, top-up card or debit card.
- Mobile Payment–A form of contactless payment using a smart phone application. Users can scan the QR code or use QR payment easily and then make a payment promptly on their device without reliance on cash. At the same time, this allows financial providers to cut hardware costs as card holders do not need to visit a branch to transform cash into digital money or vice versa. It also increases e-payment channels, which consist of two elements:
- Cardholder Presented–A QR code is created in the consumer’s application (C Scan B), which is then scanned by the store. When the transaction becomes successful, both the store and the card holder will receive a notification.
- Merchant Presented–The card holder scans the store’s QR code (B Scan C), keys in the amount to pay, and begins the payment. Then both the card holder and the store will receive a notification of a successful transaction.
- E-Wallet system helps stores that accept contactless payments. Buyers can make payments with the outstanding balance in their e-wallet or with a credit or debit card.
About NTT DATA
NTT Data (Thailand) Co., Ltd. or NTT DATA (Thailand) is a subsidiary of NTT DATA Corporation Co., Ltd., a global digital business and IT service leader, originally from Japan. NTT DATA has expertise in managing data networks and telecommunications at the forefront with over 139,500 employees worldwide, operating in more than 50 countries with experience serving leading companies, especially Japanese companies that have established in various countries around the world. In 2020, NTT DATA was ranked 6th in the global IT service provider market from Gartner. NTT DATA (Thailand) started as a technology system provider in payment solutions for debit and credit cards, including web-based and mobile applications, and has been trusted to serve financial sectors in the payment system for a long time. From such expertise, the company has been developed to serve customers in various industries, such as manufacturing, telecommunication, energy, and retail. As a result, NTT DATA (Thailand) has become an IT consulting company, including the design and development of technology solutions that are recognized with world-class standards, flexible to work as well as paying attention to quality and services for the best benefit of customers. For more information, visit the website https://www.nttdata.com/th/en and Facebook page https://www.facebook.com/nttdatathai
Ms. Warintorn Ngamwilaiphorn
Phone: (66) 83-596-5942