American Express has signed a partnership agreement with Bangkok Bank to rapidly expand acceptance of its cards in Thailand, as the US company accelerates its growth in the country.
For Bangkok Bank, this agreement strengthens its merchant services offerings as a one-stop payment service provider.
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Under the partnership, Bangkok Bank will sign up merchants to accept American Express cards in Thailand and provide American Express Card Members and merchants with access to Bangkok Bank’s vast contactless Electronic Data Capture (EDC) and Point-of-Sale (POS) terminal network.
Even more Thai local businesses will also be able to access American Express global network and over 114 million Card Members worldwide, including American Express Card Members in Thailand who on average spend 2.5 times more than card members of other credit card companies.
Partnership aims to accelerate Amex market share in the premium segment
Marlin Brown, Vice President and Country Manager, American Express in Thailand, said:
“Thailand is an important part of American Express’ global strategy and this long-term partnership with Bangkok Bank supports our plan to accelerate our market share in the premium and affluent segments,”
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By GlobalData“As we expand our presence, our Card Members can use their cards at significantly more locations and drive more premium business to local merchants.
“In addition, we fully expect our Card Members globally to return to Thailand – a top tourist destination – once the pandemic is over, driving even more spending to local merchants.”
Mr Shoke Na Ranong, Bangkok Bank, Executive Vice President and Credit Card Division Manager said:
“With this partnership, Bangkok Bank is the first bank in Thailand to accept all major card brands and various types of payment.
“This will not only enhance business opportunities for Thai businesses, but also accommodate the changing customer behaviours in this new normal environment as the online shopping trend continues and the country moves towards a cashless society. Businesses with the capability to receive payments in various ways will have a better opportunity to grow.”
Long-standing partnership with a Thai banking giant
American Express has partnered Bangkok Bank since 1999 and Bangkok Bank has since issued three American Express card products in Thailand. Today, Bangkok Bank is a leading acquirer bank with 100,000 merchants accepting payment cards and 150,000 EDC covering a wide range of businesses.
In addition, both organisations will work together on technology development and add more secure payment options online to serve the growing trend of e-commerce, especially during the pandemic.
This will give American Express Card Members access to Bangkok Bank’s internet payment gateway and QR payment platform, allowing them to make transactions at even more businesses.
