KASIKORNBANK in Thailand started to adopt Smart Code, QR and barcode payment scheme, provided by JCB Co., Ltd., the only international payment brand from Japan.
This enables more than 11 million users of K PLUS, the mobile banking app of KASIKORNBANK, to shop at Smart Code merchants in Japan. JCB is expanding Smart Code merchants as the largest merchant networker in Japan.
Smart Code is the consumer-presented QR and barcode payment scheme referring to EMV(R) specification to minimize the system development impact on merchants and mobile payment service provider.
JCB operates the payment gateway to connect mobile payment service provider and merchants as the scheme holder of Smart Code, and also build the merchant network for Smart Code as the acquirer by utilizing its experience and connection with merchants as the JCB Card acquirer since 1961 in Japan.
Smart Code provides merchants with the one-stop solution of various QR and barcode mobile payment providers. Merchants can unify the agreements, terminal devices and settlements with each mobile payment service providers. Mobile payment service providers also receive benefits from avoiding contracts and system development with each merchant.
Other mobile payment service providers both domestic and international are also expected to soon adopt Smart Code.
Thai travelers visiting Japan surpassed 1 million in 2018 for the first time, which will increase in the future as well. With Smart Code adopted by KASIKORNBANK, it is expected that this will improve convenience for Thai travelers to Japan.
Furthermore, JCB and KBANK will cooperate to establish the framework and system for all of banks and financial institutions in Thailand to join Smart Code scheme in 2020 with the cooperation of Central Bank of Thailand. With this scheme, even more Thai tourists are expected to use Smart Code.
* EMV(R) is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo.