CyberSource, a Visa Inc 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 population2. 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 their 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.