![\"\"](\"https:\/\/softspace.com.my\/wp-content\/uploads\/2019\/11\/20191120_101945-1-1024x598.jpg\")
<\/p>\n<\/p>\n
The collaboration with Soft Space and Digio will enable Thailand\u2019s largest bank to introduce a secure, reliable, and affordable payment solution <\/em><\/span><\/p>\n Melbourne, 21 November 2019 –\u00a0 <\/strong>Thailand\u2019s digital payment industry is expected to advance in 2020 with interbank payment provider, Processing Center Company (PCC), adopting an innovative low-cost payment solution by one of Thailand\u2019s leading banking players.<\/p>\n Collaborating with Asia\u2019s leading financial technology (fintech) company Soft Space and its Thai-based fintech partner Digio, the solution called \u201cFLite\u201d will be deployed by one of PCC\u2019s shareholder bank and is aimed at encouraging a more pervasive use of cashless payments in Thailand.<\/p>\n FLite is a secure, fully-featured and affordable card acceptance channel designed especially for SME merchants. Certified by the Payment Card Industry Security Standards Council (PCI SSC)<\/a> to be the first of its kind in the world, FLite comprises an NFC-based (near field communication) EMV chip reader that pairs via Bluetooth with merchants\u2019 smartphones preloaded with the bank\u2019s secure payment application.<\/p>\n The announcement was made at the 2019 PCI SSC Asia-Pacific Community Meeting, a data security event where payment card industry experts met to discuss the latest technical and security updates.<\/p>\n \u201cPCC\u2019s aim is to provide an affordable solution for the banks to acquire merchants,\u201d said Worawat Paarpon, Managing Director of PCC. \u201cWith Thailand achieving 83% growth for e-payment transactions from 2016 to 2018<\/a>, we believe FLite, a world\u2019s first, will grow this figure further and go a long way in supporting the government\u2019s aspiration to grow cashless transactions in a secure manner.\u201d<\/p>\n Echoing his thoughts, Soft Space\u2019s CEO Joel Tay and Digio\u2019s Managing Director Nopphorn Danchainam said merchants will benefit as the total cost of FLite\u2019s ownership will be significantly lower, thereby making it more affordable as compared to the existing mPOS solutions in the Thai market.<\/p>\n FLite\u2019s deployment in the Thai market will allow merchants of all business sizes to accept card payments through its PIN-based authorisation point-of-sale (POS) terminal. This will promote contactless card acceptance to Thai merchants in a secure and affordable way, a move that will position Thailand as one of the most advanced countries in Southeast Asia that accepts contactless card payments.<\/p>\n According to the Bank of Thailand, the country\u2019s volume of e-payment transactions increased by 83% between 2016 and 2018, with the majority of this growth attributed to internet banking and mobile banking. As of 2018, Thais\u2019 e-payment transaction per capita rose from 63 per capita per year in 2017 to 89 per capita per year<\/a>.<\/p>\n Nevertheless, majority of the e-payment growth is attributed to online banking and the increase of Thai QR Payments installed at over 3 million online and offline merchant points<\/a>. Hence there is still room to grow credit and debit card acceptance among merchants, especially in the SME segment, with the deployment of Soft Space\u2019s FLite solution.<\/p>\n