Bangkok--Apr 25--KASIKORNBANK
Mr. Banthoon Lamsam, CEO of KASIKORNBANK, revealed that KBANK is ready to provide network for another credit and debit card brand using its Electronic Data Capture (EDC) machines at participating merchants currently accepting transaction from KBANK cards and Visa, MasterCard cards. The new service is co-operation between KBANK and China UnionPay (CUP), the largest credit and debit card network in Peoples Republic of China. CUP has more than 100 member banks in China and Hong Kong, which have issued over 760 million CUP credit and debit cards.
So far CUP has expanded its network providing payment services with debit and credit cards to Hong Kong, Macau, Singapore and South Korea, and is expanding its base of card acceptance to countries in Asia such as Malaysia and Japan in order to facilitate Chinese businessmen and tourists who hold CUP cards, enabling them to pay for services and goods.
As KBANK has consistently given importance to relations and cooperation with businesses in the Peoples Republic of China, KBANK is pleased to be the first Thai commercial bank that provides card-acceptance services for CUP cards. Now, more than 500 KBANK member merchants that are popular with Chinese tourists will be able to accept CUP cards, and the Bank plans to expand this number to 2,000 shops within 2005. The bank is confident that participating shops that accept CUP cards will be able to increase their sales volume in goods and services.
“Thailand is one of the favorite destinations for Chinese tourists. As a Chinese bankcard brand, CUP cards shall go wherever Chinese visit. The cooperationbetween KBANK and CUP will facilitate the traveling, consumption and business activities of Chinese people, and will strengthen business relationship between Thailand and China.” said Mr. Wan Jianhua, President and CEO of China UnionPay.
From data of the Tourism Authority of Thailand, in 2004, more than 700,000 Chinese tourists and businessmen came to Thailand and this number is expected to increase in the future. End.