BANGKOK, June 27, 2018 – Visa, the world’s leader in digital payments, has announced it is now processing debit transactions in Thailand. This milestone follows the November 2017 announcement where Visa received a domestic network license from the Bank of Thailand.
The move to fully participate in the domestic payment market reflects Visa’s commitment to further grow digital payments for consumers and businesses as well as fostering a financially inclusive ecosystem in Thailand.
Suripong Tantiyanon, Country Manager, Visa Thailand said: “By operating as a processor of domestic debit transactions, Visa is well-positioned to leverage its strengths and network to continually drive innovation and expand access to electronic payments in Thailand creating a more financially inclusive ecosystem for all. Visa Debit will be a stepping stone for further adoption of electronic payments in the country and strengthens the country’s national ePayment agenda.”
Through a partnership with National Interbank Transaction Management and Exchange (National ITMX), Visa is now providing banks and merchants in Thailand with a comprehensive suite of Visa’s debit products and resources to grow digital payments.
A Visa debit card provides consumers with fast, simple and secure access to the funds in their bank account and can be used to make purchases wherever Visa is accepted online and at more than 46 million merchant locations around the world.