Thanachart Bank, a Thailand-based lender, has adopted mobile-point-of-sale (mPOS) technology for credit-card transaction, as part of its plan to strengthen its merchant-business ranking.
TBank is one of the fifth financial organizations in the country to roll out the mPOS service Pay’n Go, a credit-card-swiping device, as reported by The Nation?.
Thanachart Bank first vice president Prinya Jinantuya was quoted by The Nation as saying the lender will strongly promote Pay’n Go to small businesses including self-employed individuals.
"We have AIS [Advanced Info Service] and True as partners in promoting Pay’n Go because both have corporate clients using their networks," Jinantuya told the publication.
"We, AIS and True are jointly offering free [mobile phone] airtime to corporate clients interested in buying Pay’n Go as the channel to accept credit cards."
He further explained that Pay’n Go would boost the bank’s current and saving accounts as, the users will have to open any account so that the bank could transfer money to their account after a Pay’n Go transaction.
Apart from this, Pay’n Go would strengthen the bank’s current and saving accounts because merchants would have to open one so the bank could transfer money to their account after a Pay’n Go transaction.
In order to further strengthen its merchant business, the Thai bank is also planning to add an installment-payment service to Pay’n Go at the end of 2014.