Visa, a world leader in digital payments, and National ITMX Company Limited (NITMX), the national payment infrastructure for Thailand's financial service industries, have recently signed a Memorandum of Understanding (MoU). This strategic alliance marks the initiation of a collaborative effort aimed at enhancing financial inclusion and fostering an innovative digital ecosystem in Thailand to meet global standards.
The partnership between Visa and NITMX is centred around leveraging Visa's advanced payment technology and NITMX's industry expertise to identify growth opportunities in expanding the digital payments landscape. The MoU aims to enable both parties to drive economic diversity and promote innovation in Thailand's payment systems together.
Punnamas Vichitkulwongsa, Country Manager for Visa Thailand said "Visa is delighted that the MoU with NITMX has come to fruition. This marks a unique collaboration between two leading industry players aimed at tackling significant challenges within the payments sector. We are excited to be working together on innovations as digital payment continues to reshape commerce, resulting in safer, faster, and more convenient experiences for consumers and merchants in Thailand."
Wanna Noparbhorn, Managing Director, National ITMX Company Limited said "NITMX is a national payment infrastructure who provides local switching and PromptPay services in Thailand. We aspire to be an innovative company, elevating Thailand's payment systems to meet global standards. Collaborating with a digital payment leader like Visa will help drive the development of a holistic digital payment ecosystem. This partnership desires to work together on a framework that enables both parties to explore potential pursuits, evaluate terms, and engage in initiatives and future collaborative efforts between NITMX and Visa."
With the MoU, Visa and NITMX will engage in discussions on potential collaboration areas such as fraud detection and prevention, Tokenisation, and QR payments.
In forging this strategic partnership, Visa and NITMX are poised to explore new transformative evolution in Thailand's payment landscape. This collaboration represents a significant step forward in advancing digital payments infrastructure and fostering economic opportunities across Thailand.