Mastercard and National ITMX Widen E-Commerce Acceptance of Thai Debit Cards
February 25, 2019 | BangkokKasikornbank is first to benefit from the integration
Mastercard has partnered with Thailand’s local switch company, the National Interbank Transaction Management and Exchange (ITMX), to widen e-commerce acceptance of Thai debit cards in the country. Through this partnership, Mastercard has become the first global payment gateway to connect directly with ITMX. The integration allows Mastercard’s Payment Gateway Services to connect global and local merchants seamlessly to millions of debit cardholders in Thailand.
Apart from connectivity, this development also enables enriched security, efficiency and increased scale which will especially benefit merchants with large transaction volumes originating from Thailand. Consumers can also expect safe and secure e-commerce payments that are optimized for digital devices.
Kasikornbank will be the first bank to provide this service and its merchants will benefit from this integration by being able to accept domestic debit cards.
Ms. Wanna Noparbhorn, Managing Director of National ITMX, said: “National ITMX, as a service provider of local switching systems for local debit cards, is pleased to join forces with Mastercard to connect the company’s platform with Mastercard’s Payment Gateway Services in order to support e-commerce payments using local debit cards. By using Mastercard’s Payment Gateway Services through National ITMX and member banks, merchants can be assured of an international standard of security that complies with the Bank of Thailand’s regulations. This service provides merchants and customers with a more convenient way to make online purchases. It will also lower implementation costs for member banks, and support the government’s national e-payment and cashless society agenda.”
Donald Ong, Country Manager Thailand and Myanmar, Mastercard, said, “Mastercard actively supports the Thailand government’s long-term plan of achieving a progressively digital economy. Mastercard is pleased to partner with National ITMX to enable Thailand to go cashless through technology that ensures greater efficiency and security for debit card transactions. The partnership will not only benefit consumers, merchants and other stakeholders, but will enable Thailand’s digital economy to scale and thrive.”
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About National ITMX
National ITMX (National Interbank Transaction Management and Exchange), established by the Thai Bankers’ Association under direction of Payment System Committee (PSC) governed by Bank of Thailand (BOT), is a developer and service provider of the electronic payment infrastructure of Thailand. ITMX system is an open platform that is secure and efficient with the ability to respond to rapid change of business demands. ITMX supports all kinds of electronic payments and fund transfers from various channels including ATM, EDC, OTC, Internet and mobile. Services also include “PromptPay”, a key service to support the National E-payment masterplan, which is part of government’s Thailand 4.0 initiative.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
