The service utilizes an online authentication platform Verified by Visa that uses a onetime password which is sent to a cardholder’s mobile phone via text. The cardholder uses this one-time password when making payment to verify his or her identity, for secured online shopping.
To avail the service, Kasikornbank Visa cardholders will have to enroll their Visa cards for Verified by Visa and register their mobile number in bank’s online portal.
When making an online payment, cardholders will have to enter their Visa card number and they will then be prompted to enter their password, which is a single-use and unique password sent to the cardholder’s mobile number via a text message. After the cardholder enters this password, the bank will verify the transaction and complete the payment.
Peter Maher, group country manager of Southeast Asia at Visa, said: “By offering Verified by Visa with one-time passwords, Kasikornbank becomes the first bank in Thailand as well as Southeast Asia to add this extra layer of security – not to mention peace of mind – for consumers making online purchases, regardless of whether they shop locally or overseas.”
Silawat Santivisat, first senior vice president of Kasikornbank, said: “Our past work with Kasikornbank to introduce payment innovations that deliver safe and convenient electronic payments in Thailand make it a natural fit for a collaboration to introduce our new online security innovation. Verified by Visa with one-time password brings together our eCommerce and security platforms, and we’re excited to offer this to Kasikornbank customers.”
