KTC joins hands with BAAC to accept QR credit card payments at the Nong Homchan Shop.

KTC - BAAC signs a business cooperation contract as the first in Thailand to extend the payment service of goods and services to include QR credit card payments on the VISA and MASTERCARD networks for members of BAAC’s Nong Homchan shop. This team-up will proactively help entrepreneurs and agricultural community enterprises to expand market opportunities; gain access to modern, convenient, and safe payment systems; and correspond to new lifestyles. The service will launch during December 2021, with a goal of 2,500 participating stores by the end of the year.

Mr. Rathian Srimongkol, President & Chief Executive Officer, “KTC”orKrungthai Card Public Company Limited,states, “The trend of paying for goods and services by credit card in the form of QR code has continued to grow. During the past 8 months of 2021, the credit card spending via QR code amounted to 110 million baht, or a 90% growth compared to the previous year. Furthermore, the COVID-19 pandemic was an accelerating factor for Thai consumers to suddenly enter a cashless society. This includes both the payment of goods and services and online financial transactions. Meanwhile, merchants are increasingly adapting and accepting contactless payments.”

“For these reasons, this joint cooperation project between KTC and BAAC to extend the payment service of goods and services to include QR credit card payments on the VISA and MASTERCARD networks is done at the right place at the right time. Moreover, it is a continuation of last year’s project when only QR code payments via Alipay's E-Wallet was accepted. This joint effort will gear towards providing a comprehensive financial services policy, as well as expand market opportunities for entrepreneurs, cooperative stores, community enterprises in the agricultural sector, Smart Farme , and small Micro Merchants Non-VAT registration. In line with the country reopening its borders for tourism, it is expected that by the end of this year there will be 2,500 merchants participating in the project, which will allow customers to use a wider variety of electronic payment services.”

“We hope that this project to expand payment channels via QR credit card payments will help BAAC's Nong Homchan shop to sell products and services more smoothly, generate revenue from sales efficiently, and simultaneously meet the needs of Thai customers who hold VISA and MASTERCARD credit cards. This gives customers more convenient and fast payment options with access to standard credit card benefits. KTC has prepared a highly secure payment system that meets international standards to give customers a great experience and ensure the safety of every transaction.”

Mr. Tanaratt Ngamvalairatt,President, Bank for Agriculture and Agricultural Cooperatives (BAAC),states, “BAAC is committed to elevating the quality of comprehensive financial services. The agency prioritizes the expansion of marketing opportunities for entrepreneurs, cooperatives, and community enterprises in the agricultural sector to satisfy customers through a wider range of electronic services. This is in line with the government's policy towards a cashless society. BAAC has partnered with KTC to launch a QR credit card payment channel on the VISA and MASTERCARD networks for goods and services to agricultural sector entrepreneurs who are members of BAAC’s Nong Homchan shop. This includes Thai community shops, accommodation, homestays, restaurants, souvenir stores, coffee shops, retail stores, tourism communities, rental car, buses, tour buses, to name a few.”

“This project is a continuation of the cooperation agreement signed last year which started from the adoption of QR code payments via Alipay's E-Wallet and e-Commerce to provide services for payment of goods and services by entrepreneurs and agricultural community enterprises who are members of BAAC’s Nong Homchan shop. The benefits of continued cooperation between the two agencies will help strengthen the fundamental economy and uplift the quality of life of people in the community. If the COVID-19 pandemic situation eases, it will be an opportunity for people to increase their spendings leading to an increase in income of entrepreneurs and communities. In addition, the launch of the QR credit card payment service will become another convenient and safe option for customers without the need for cash. Currently, the BAAC has 24,000 Nong Homchan shops; these shops may apply for the QR credit card payment service on the Nong Homchan application, while shops that have never applied for the application service can request for service at all BAAC branches nationwide or find more information at its call center by contacting Tel. 02 555 0555.”