Financial services giant Visa Inc is reported to be looking at Thailand as an example of a low-risk country in terms of electronic transactions.
E-commerce payment transactions have risen to 15% of total credit card transactions this year in Thailand, according to executives at Visa Inc, due to the proliferation of smartphones and tablets.
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According to the Bangkok Post, Somboon Krobteeranon, country manager for Thailand and Myanmar, said Thailand will adopt a contactless debit and credit card that will process payments quicker. This will see four major Thai banks introducing a mobile point of sale system.
Chief enterprise risk officer Ellen Richey reportedly said that Thailand’s financial payment system has lowered fraud risk to below the global average, which is six US cents per $100 spent.
Global credit card fraud causes up to $2bn worth of damage a year.
Visa has upgraded its Visa Advanced Authentication global credit card fraud protection system. It plans to introduce a consumer authentication service in an attempt to minimise e-commerce fraud in Thailand.
An analysis service fee will be charged to Visa’s system of participating banks.
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