Thailand-based Kasikornbank has inked a cooperation agreement with UnionPay International (UPI), a Chinese credit and debit cards issuer, to launch KBank UnionPay Credit Card.
With this card, UnionPay customers will be able to log on the merchant’s website to book hotels and tickets as well as make cross-border payment on part of POSs in Thailand through ‘UnionPay Online Payment.’
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UnionPay president Su Ning said that as the tourism, economic and trade exchanges between China and Thailand have increased rapidly, UnionPay cards have become a significant payment tool for the exchanges and cooperation between the two countries.
This cooperation between the two enterprises has extended UnionPay’s cross-border payment service from physical merchants to online merchants, a new step forward in the cooperation between UnionPay and financial institutions in Thailand, Su Ning added.
Kasikorn Bank CEO Bonthoon Lamsam said this cooperation in online payment will provide new payment channels to UnionPay cardholders and more business opportunities to Kasikorn Bank and its merchants.
In Thailand, UPI operates more than 100,000 card-accepting merchants, and UnionPay cardholder cash withdrawals are available on about 44,000 ATMs.
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