Mastercard and KTC partner to enable safer e-commerce transactions for consumers and strengthen trust between online merchants and consumers
Global payments technology company Mastercard today announced that KTC (Krungthai Card Public Company Limited), a leading credit card issuer, will be the first in Southeast Asia to roll out a tokenized e-commerce payments solution using Mastercard Digital Enablement Services (MDES) for Merchants.
MDES is Mastercard's consumer-focused tokenization technology that enables card issuers to replace sensitive account numbers with unique digital tokens. MDES tokens enable a more secure and seamless payments experience and transform any connected device into a commerce device that can be used to make and receive payments.
Since its launch in 2014, MDES has powered secure payments like Apple Pay, Google Pay and Samsung Pay in connected commerce devices, including Fitbit and Garmin. MDES for Merchants extends this same industry-leading tokenization technology to online payment transactions, allowing card issuers to replace sensitive account numbers with unique digital tokens when card numbers are added to a merchant website or app for payments.
Replacing card information with tokens is critically important as a growing number of consumers actively store their card details online or in-app with e-commerce merchants to facilitate seamless and convenient recurring payments. The MDES solution replaces these card details with a unique, merchant-specific number called a digital token, significantly increasing the security of transactions as the token cannot be used for any other merchant transaction. Furthermore, a digital token is protected using a dynamic cryptogram that is unique to each transaction, offering an extra layer of protection. This minimizes the risk of fraud, giving consumers and merchants peace of mind. MDES for Merchants is already being used by leading global brands, including digital entertainment leaders, that rely on recurring, subscription and mobile-based transactions.
Pittaya Vorapanyasakul, Executive Vice President, Credit Card Business, KTC, said, "KTC is thankful for Mastercard's trust in making KTC the first credit card issuer in Southeast Asia to roll out this solution. KTC places importance on creating a good customer experience for members, and is eager to build confidence and security for members' card transactions. KTC has more than 2.4 million credit cardholders in total of which 1.4 million make online payments. The collaboration between KTC and Mastercard in rolling out the tokenized e-commerce solution, or MDES for Merchants, helps solve safety and security concerns of cardholders when they shop and pay online, a significant step for the Thai credit card system."
Aileen Chew, Country Manager for Thailand and Myanmar, Mastercard, said, "As online and mobile commerce transactions continue to grow, MDES for Merchants will enhance the customer experience and strengthen trust between merchants and consumers. Mastercard is delighted that KTC is the first issuer in Southeast Asia to expand the use of Mastercard tokenization solutions to enable safer e-commerce transactions for their customers. The rollout of MDES for Merchants with KTC demonstrates the commitment of both partners to drive Thailand's digital economy."
Thai consumers have adopted digital and mobile payments early and agilely, and are living increasingly connected lives. According to the Global Digital 2019 report conducted by We Are Social and Hootsuite, total consumer spending in Thailand on mobile apps in 2018 was US$531.9 million.
Advanced security solutions like MDES and MDES for Merchants will enable consumers to have greater peace of mind whenever they pay through their connected commerce device, online and in-app.
About KTC or Krungthai Card Public Company Limited
Krungthai Card Public Company Limited ("Company" or "KTC") operations includes credit card business, credit card related business, personal loan business, utilities payment services, and also act as a payment service provider under supervision. KTC's strategy focuses on building a membership base to sustain a company's profits, the core businesses of which are credit cards and personal loans. In addition, the company has offered other related businesses for its members. As of June 30, 2019, KTC had a total of 3.4 million accounts consisting of 2,405,570 credit cards and 985,037 personal loan accounts. For more information, please contact KTC PHONE 02 123 5000 or visit www.ktc.co.th, apply for a credit card at any "KTC TOUCH" branch or click the link:http://bit.ly/2uPcS19.
Mastercard (NYSE: MA), www.mastercard.com , is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.