Bangkok--24 Mar--KBank
KASIKORNBANK Visa cardholders become the first in Southeast Asia to enjoy increased protection when they shop online by using dynamic authentication with one-time passwords sent to their mobile phones.
KASIKORNBANK, a leading bank in Thailand, is collaborating with Visa to provide a one-time password (OTP) service for online card payments, the first such service to be offered in Southeast Asia. This new service has been introduced to enhance the security of payment made over the internet as well as contribute towards an increase in online transactions by bank customers.
Mr. Silawat Santivisat, First Senior Vice President, KASIKORNBANK said:” From our K-Payment Gateway data, over the past two years, we are seeing 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, KBank is obliged to provide consumers with the protection and the convenience when they make purchases over the internet.”
The one-time password (OTP) service uses Verified by Visa, an online authentication platform and will help make online shopping more secure and eliminate the need for the cardholder to remember their password.
KBank Visa cardholders can enroll their Visa cards for Verified by Visa and register a designated mobile phone number on the KBank website. When making an online payment, cardholders will enter their Visa card number and will then be prompted to enter their OTP. The OTP service will send a single-use and unique password to the cardholder’s mobile number via a text message. After the cardholder inputs this password, the bank will verify the transaction and complete the payment.
Somboon Krobteeranon, country manager, Thailand, Visa said: “Visa research[1] 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.”
The OTP service can be used in conjunction with the KBank Online Shopping Card (K-Web Shopping Card). The K-Web Shopping Card is a virtual card that functions like a credit card. This card allows cardholders to set and modify the amount of purchases per day manually at any time. Cardholders will also receive a transaction confirmation by e-mail. In addition to keeping track of their transaction records, cardholders can also view their online statements through K-Cyber Banking services.
[1] From August to September 2009, TNS conducted 5,520 interviews on behalf of Visa with payment cardholders aged 18 to 65 years from 11 countries and territories (Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Singapore and Taiwan). All figures in this Study are based on amounts as reported by respondents.