Bangkok--10 May--KASIKORNBANK
To reduce cash usage and uphold the national e-payment policy, KASIKORNBANK introduces three new chip debit cards with design focusing on security, while also offering diverse benefits. The Bank's almost 12,000 ATMs across the country are being upgraded to support chip cards from all banks. At least 2 million existing magnetic stripe cards, out of the total 10 million cards issued by KBank, are projected to be switched to chip cards this year, while the Bank hopes its debit cards remain the most used in the Thai market.
According to Ms. Noppawan Jermhansa, KBank Executive Vice President, the Bank has launched new chip-embedded debit cards highly secure for global use via ATMs, as well as online and in stores. The new technology will enhance Thailand's payment system, matching international standards, while also paving the way for the development of the government-initiated e-payment system to reduce the use of cash. KBank has improved its almost 12,000 ATMs nationwide to support chip cards from all banks.
KBank's three new chip cards are: K-Debit Card, usable at ATMs, as well as online and offline retailers worldwide; K-My PLAY, a card suited to the high-tech lifestyle with online entertainment services through three popular applications; and K-Max PLUS, a debit card plus personal accident insurance. The three apps offering services under K-My PLAY are PrimeTime for online local and foreign movies and TV series, KKBOX offering more than 20 million international hit songs, and OOKBEE, with a 400-Baht one-month membership of unlimited magazines, newspapers and novels via the cyber world, with a 15-30 percent discount in the following months. Under K-Max PLUS, accident insurance coverage includes medical care expenses at hospitals up to 5,000 Baht per an accident with unlimited hospital visits, compensation for patients admitted to hospital up to 300 Baht per day (30 days per admission), and a protection for accidental death, dismemberment, and total disability up to 200,000 Baht. Holders of these three cards are entitled to diverse promotional campaigns for KBank's debit cards all year round.
This year, new privileges are being provided for K-My PLAY and K-Max PLUS cardholders to conform with their lifestyles, e.g. movies offering any show time at SF theaters for 100 Baht each, shopping online through ZALORA, iTrueMART, TARAD.com and Ensogo with a 12-percent discount, room reservations via Expedia and Agoda with a discount of 10 percent and 7 percent, respectively, beauty treatment packages from ROMRAWIN, Slimming Plus, Skin Doctors and Slim Up at a minimum price of 999 Baht each, plus a special program with a redemption of 1,000 reward points for a 100-Baht cash-back.
Ms. Noppawan added that KBank's three new chip cards are highly secure as per international standards, with data stored in embedded chips to prevent card skimming, requiring a six-digit PIN code, rather than four. Still, these new cards are convenient in usage for payment transactions through ATMs that support VISA-standard chip cards across the globe, or for shopping at merchants using the EDC system, or for making online purchases with a one-time password (OTP). Customers wishing to switch from magnetic stripe cards to chip ones can now do it without an entry fee at any KBank branch nationwide; they are required to pay only the annual fee per the type of card.
KBank's ATM and debit card number equals more than 10 million representing a market share of approximately 17 percent of the industry's 60 million cards. With its Universal Debit Card strategy, promoting card spending anywhere, for any type of purchase, the Bank tops the market in terms of debit card spending at around 45 billion Baht, or 40 percent of the industry's 108 billion Baht. A change to the chip card system will ensure customers greater debit card security, although those holding existing magnetic stripe cards can use their cards as usual until they reach expiration dates. KBank expects at least 2 million new chip cards to be issued to replace old cards this year.