KBank revamps phone app as ‘lifestyle platform’

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Kasikornbank (KBank) has “repositioned” its K Plus phone application, which now has 7.5 million users, as a “lifestyle platform” offering lifestyle solutions.

KBank aims to increase the number of K Plus users to 10.8 million this year.

It handles three billion transactions a year worth Bt6.3 trillion, and 80 per cent of its 7.5 million users are regular users.

Four new functions have been introduced to serve retail clients and merchants.

• Quick Pay enables quicker payments to merchants using K Plus Shop without needing to log into the system, using just a QR code scan. There are currently 1.3 million transactions a year being made via QR code, valued at Bt811 million.

• Shopping on K Plus will be introduced in March. It’s the first e-market place in Thailand where the customers can select a diverse range of goods, including agricultural produce from the Pruanfun project and farmer groups across the country, as well as products from small retailers and SMEs.

K Plus users will also have access to digital-content news and information about numerous consumer products. KBank is targeting 30 million products, with total turnover topping Bt600 million within one year.

• K-Personal Loan service – KBank uses an interest-rate calculation system that takes into consideration individual customers’ risk factors to customise and offer loan products.

KBank is now testing the system with pre-qualified customers with appropriate creditworthiness. They can enter the amount they want to borrow and the system will show their credit limits.

• There are 800,000 merchants using K Plus Shop, with 1.4 million transaction items, totalling Bt1.1 billion. Aiming to increase the number of participating merchants to one million by the end of this year, KBank focuses on familiarising customers with QR Code payments and tapping into the segment of small businesses which sell daily essential goods or services, such as restaurants, clothing stores and travel service providers.

KBank has recently developed a Social Payment function to enable sellers to receive payments instantly from their customers via social media platforms such as Facebook, Messenger, Instagram, LINE and WhatsApp.

The merchants simply send their QR code bills so that the customers can pay for goods and services via K Plus or other mobile banking application of any commercial bank.

KBank targets 10.8 million and one million users of K Plus and K Plus Shop, respectively, by the end of 2018.

The Nation
Republished with permission from The Nation
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