Bangkok Bank, Krung Thai Bank, Kasikornbank and Siam Commercial Bank, says TPN (Thai Payment Network), Thailand’s local switching network constructed based on UnionPay technical standards officially went live.
Previously UnionPay IC card standard became the industry standard of Thailand. Through the incorporation of a joint venture, UnionPay now offers the technical standard for building the bankcard switching system.
In 2012, the central bank of Thailand stipulated that all local interbank transactions made with local debit cards must be processed locally in order to reduce cost and promote the development of e-payment. Thereafter, with the support from the central bank of Thailand, UnionPay International established a joint venture called TPN (Thai Payment Network) in September 2014 in cooperation with the four local major commercial banks.
TPN is able to provide switching and settlement service for local interbank transactions made with UnionPay debit cards issued in Thailand and to process credit cards in the future. Thailand has also planned to take this opportunity to create an independent debit card brand TPN and issue UnionPay TPN cards based on UnionPay standards. The cards will be conveniently used at the UnionPay network across over 150 countries and regions.
TPN is one of UnionPay’s successful attempts in exploring new ways of expansion in overseas markets. In markets with the right conditions, UnionPay exports its technical standard, taking advantage of its technology development capability. It also participates in the construction of payment infrastructure in these markets, integrating its technologies, products, services, and brand influence. UnionPay supports the upgrading of the local payment industry while pushing forward the localization of its business in overseas markets. This is also an achievement of UnionPay’s implementation of the ‘One Belt, One Road’ strategy initiative.
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