• PAYSBUY will be able to store card payment data for recurring customers in a secure manner with CyberSource's payment tokenization service
• Partnership with CyberSource will also offer PAYSBUY and its merchants a wider spectrum of payment acceptance methods, boosting their international sales reach
CyberSource, a Visa company (NYSE: V), and one of the world's largest providers of eCommerce payment management services, today announced a partnership with one of Thailand's leading online payment service providers, PAYSBUY. This strategic agreement enables PAYSBUY to expand its business internationally by delivering secure online payment services to its merchants.
Through CyberSource's payment tokenization 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. 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, tokenization allows PAYSBUY to remove the need for recurring customers to key in their payment details with every payment transaction. This enables their customers to check out with just one click.
Thailand is one of Southeast Asia's most promising Internet markets, with more than 17 million Internet users[1]. 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 percent of the entire population[2]. Businesses looking to achieve a higher number of online transactions will need to offer a secure and wide selection of online payment options.
"Our goal at PAYSBUY is to increase revenue through customer retention. This partnership with CyberSource will enable our merchants to store card payment data securely for returning customers via payment tokenization 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 the Thailand eCommerce business," said Somwang Luangphaiboonsri, General Manager, PAYSBUY.
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 eCommerce players to sustain growth in the industry. We are working with PAYSBUY to ensure payments are secure, while providing an array of payment acceptance options that they 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," said Chew Ann Wee, Regional Sales Director, Southeast Asia, CyberSource.
About CyberSource
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, California and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami / Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/asiapacific.
About PAYSBUY
PAYSBUY is a leading online payment service provider in Thailand, providing a wide range of payment options, including credit cards, bank transfer, cash at counters (at 7-Eleven, Tesco Lotus) and pre-funded e-wallet. Founded in 2004 and acquired by Total Access Communication Public Company Limited (dtac) in 2007, PAYSBUY has a registered capital of 200 million baht. PAYSBUY is licensed to operate e-money business, provide e-payment service and payment agent service. The company is regulated by the Bank of Thailand. For more information, please visit www.paysbuy.com.
[1] Tech in Asia, Southeast Asia has more than 190 million internet users (INFOGRAPHIC), November 13 2013
[2] ITU, Measuring the Information Society, 2013
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