Online shopping made easier for Thai bank customers
By Enterprise Innovation Editors | 2010-03-29
Online shoppers in Thailand will now be able to make secure transactions using their Visa cards due to recent breakthrough in online shopping, with shoppers needing only a one-time password input through mobile phone to authenticate their purchases online.
KASIKORNBANK Visa cardholders in Thailand are the first in Southeast Asia to be able to use a mobile phone based one-time password to authenticate themselves when they use their Visa card for purchases over the Internet.
The service utilizes Verified by Visa, an online authentication platform, and provides cardholders an increased level of protection when they shop online. The enhanced Verified by Visa service uses a one-time password which is sent to a cardholder’s designated mobile number via a text message. The cardholder uses this one-time password when making payment to verify his or her identity, making online shopping more secure and eliminating the need for the cardholder to remember their password.
Peter Maher, group country manager, Southeast Asia, Visa said: “Visa research shows that Verified by Visa is one of the most popular payment security measures used by consumers across the Asia Pacific region in the past 12 months. By offering Verified by Visa with one-time passwords, KASIKORNBANK becomes the first bank in Thailand as well as Southeast Asia to add this extra layer of security – not to mention peace of mind – for consumers making online purchases, regardless of whether they shop locally or overseas.”
To use the new service, KASIKORNBANK Visa cardholders can enroll their Visa cards for Verified by Visa and register a designated mobile phone number in a secure area of the KASIKORNBANK website.
When making an online payment, cardholders will enter their Visa card number and will then be prompted to enter their password, which is a single-use and unique password sent to the cardholder’s mobile number via a text message. After the cardholder enters this password, the bank will verify the transaction and complete the payment.
Mr. Silawat Santivisat, First Senior Vice President, KASIKORNBANK said:” Our K-Payment Gateway data over the past two years has shown a trend of consumers purchasing IT products and fashion items online. We understand this to indicate that there is a growing demand for consumers to go online and purchase items as opposed to buying from a shopping mall. As a leading provider of credit card payment services on the internet, KASIKORNBANK is obliged to provide consumers with the protection and the convenience when they make purchases over the internet.”
The one-time password feature of Verified by Visa is the newest in a series of initiatives between Visa and KASIKORNBANK. Visa and KASIKORNBANK worked together to introduce Visa payWave contactless payment in 2008 as well as to trial mobile payment technology in 2009.