Thailand’s PaysBuy in payment pact with Visa’s CyberSource
By Digital News Asia January 22, 2014
- Partnership will offer PaysBuy and its merchants more payment acceptance methods
- This will boost their international sales reach; also more secure and hassle-free
E-COMMERCE payment management services provider CyberSource, a Visa company, has announced a partnership with Thai online payment service provider PaysBuy.
This strategic agreement would enable PaysBuy to expand its business internationally by delivering secure online payment services to its merchants, CyberSource said in a statement.
Through CyberSource’s payment tokenisation service, PaysBuy and its merchants will be equipped to store valuable customer card information as tokens, which offer greater payment security, in a Payment Card Industry Data Security Standards (PCI DSS) compliant environment.
Each token is a unique identifier that replaces the consumer’s payment data, allowing merchants to securely streamline their checkout process for repeat customers.
This is made possible by removing the customer’s account number from the merchant environment and storing it on CyberSource’s secure servers, the company said.
PaysBuy and its merchants will not need to handle full credit card details, ultimately increasing merchants’ data security.
Along with CyberSource’s hosted payment page solution Secure Acceptance, tokenisation allows PaysBuy to remove the need for recurring customers to key in their payment details with every payment transaction. This enables customers to check out with just one click.
Thailand is one of South-East Asia’s most promising Internet markets, with more than 17 million Internet users, CyberSource said. In addition, the number of netizens in the country is growing at a rapid rate and is currently at 4.38 million, accounting for 6.3% of the entire population.
Businesses looking to achieve a higher number of online transactions will need to offer a secure and wide selection of online payment options, the company added.
“Our goal at PaysBuy is to increase revenue through customer retention,” said its general manager said Somwang Luangphaiboonsri.
“This partnership with CyberSource will enable our merchants to store card payment data securely for returning customers via payment tokenisation and help us achieve PCI compliance.
“Being able to mitigate risk and ensure payment security for our merchants will instill greater confidence in their customers. The trust built can establish PaysBuy as the preferred partner of choice for merchants in Thailand’s e-commerce business,” Somwang added.
Leveraging CyberSource’s global payment gateway services, PaysBuy will be able to offer its merchants an extensive spectrum of payment methods, and in turn, the end-user or consumer, a wide choice of payment options.
Provision of secure payment options for consumers also enables PaysBuy and its merchants to extend their global reach, ultimately converting more domestic and cross-border sales.
“CyberSource believes that a robust payment gateway platform, together with the ability to ensure payment security, provides a critical competitive edge for e-commerce players to sustain growth in the industry,” said Chew Ann Wee, regional sales director, South-East Asia, CyberSource.
“We are working with PaysBuy to ensure payments are secure, while providing an array of payment acceptance options that it can extend to its merchant customers.
“An effective and secure payment management system provides confidence for PaysBuy’s merchants, thereby increasing their ability to enhance end-customers’ experience, and improve customer retention and loyalty,” Chew claimed.
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