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Thailand's 1st local card network launched in partnership with UnionPay International

Xinhua, February 25, 2016 Adjust font size:

Thai Payment Network (TPN) has partnered with UnionPay International (UPI) to launch Thailand's first local card network for processing electronic payments

The move aims to support the Bank of Thailand's (BOT) policy that all payments by domestically issued debit cards must be processed locally.

It will also encourage the use of electronic payments and provide benefits to merchants and consumers as Thailand heads towards a "cashless society."

TPN, a joint venture between Thai banks and UPI, will process local payments, provide a switching service for processing payments with UnionPay debit cards, and establish a new payment network system for electronic payments in Thailand.

The establishment of TPN is also in line with the BOT's policy which requires all debit and ATM cards to be protected with a secure chip by the middle of 2016.

Ge Huayong, chairman of the parent company China UnionPay, said: "The construction of a local switching network in partnership with Thailand's major financial institutions is another milestone of Sino-Thailand financial cooperation.

"We are ready to introduce many years of experience in UnionPay card business to Thailand through the development of TPN and other feasible ways to support the growth of the local e-payment market."

Chairman of TPN, Shoke Na Ranong, said: "The local card scheme will be a win-win for all stakeholders. Merchants and shopkeepers will have less risk as they will not need to handle so much cash, consumers will be able to make payments easily and conveniently, the government will save on administration costs, and financial service providers will be able to provide e-payments at lower fees." Enditem