Visa Inc, the California-based financial services corporation, has pointed to Thailand as an example of a low-risk country in the world of electronic payment transactions.
Bangkok Post
Tuesday 18 June 2013, 05:01PM
Executives at the multinational company said the number of e-commerce payment transactions in Thailand has risen to 15 per cent of total credit card transactions this year from 9 per cent last year thanks to the proliferation of smartphones and tablets.
Ellen Richey, the chief enterprise risk officer, said Thailand’s strong and secure financial payment system has lowered fraud risk to below the global average.
The average for global financial payment fraud is six US cents per $100 spent.
“Thailand is at the lower risk end of the scale of countries, on a par with Singapore,” said Ms Richey.
She said the advance in sophisticated analyses of big data will play an important role in the prediction and prevention of potential fraudulent transactions.
Visa has upgraded its Visa Advanced Authentication global credit card fraud protection system in a bid to prevent further fraud, which causes damage of up to US$2 billion a year.
The company will soon introduce a consumer authentication service in a bid to minimise e-commerce fraud in Thailand’s financial industry.
“Consumers are using mobile devices to conduct transactions online, so we’ve deemed it necessary to use devices to analyse suspicious behavioural patterns,” said Ms Richey.
Visa will charge an analysis service fee to its system of participating banks, adding a new stream to the company’s $10-billion (B300 billion) annual revenue.
Ms Richey said smartphones double as payment devices through the use of near-field communication (NFC) technology.
NFC is a set of standards for smartphones and similar devices to establish radio communication with each other by touching them together or bringing them into close proximity, usually no more than a few centimetres.
Visa has a global agreement with South Korea’s Samsung and will expand to other phone makers.
Somboon Krobteeranon, the manager for Thailand and Myanmar, said this year Thailand will adopt a contactless debit and credit card that will process payments more quickly.
This year, four major Thai banks will introduce mobile point-of-sale payments in which they will be able to process customers’ credit card transactions via smartphone.
This will be particularly useful for small merchants not able to invest in expensive credit card readers.
Mr Somboon said mobile commerce has much potential to expand this year as third-generation service becomes more widespread.
Visa will capitalise on this by promoting the use of online debit-card transactions, particularly among young-generation users.
Globally, Visa processes 80 billion transactions worth $7 trillion (B210 trillion) annually though its VisaNet electronic payment processing network.
Visa rates Thailand highly
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