KBank unveils QRIS – a QR code payment system
KASIKORNBANK (KBank) in collaboration with PT Bank Maspion Indonesia Tbk launches of QRIS – a bill payment service of for merchants – as the first product to be introduced after the increase of its shareholdings in the Indonesian bank to 67.5 percent.
The initiative aims to promote financial inclusion among retail customers and businesses while broadening its customer base. To reinforce its status as a Regional Digital Bank, KBank also looked to leverage its strengths in banking services, advanced technology, and financial innovation expertise to drive Bank Maspion to become the largest bank in East Java and one of the top 20 banks in Indonesia by loan portfolio within 2027.
Mr. Chat Luangarpa, KBank Executive Vice President stated that, “Indonesia is a country of vast potential. In 2023, KBank will focus on business transformation by leveraging our extensive experience, readiness, and expertise in banking business. Thanks to Bank Maspion’s strength in terms of market demand from local customers, KBank aims to develop services by building upon our digital banking expertise in order to capitalize on the long-term growth of Indonesia. KBank will pursue our business strategies in three customer groups, namely corporate, commercial and retail clients, with the aim of making Bank Maspion the largest bank in East Java and one of the top 20 banks in Indonesia, in terms of its loan portfolio, by 2027.
In 2023, Bank Maspion will work alongside Bank Maspion in unveiling QuickResponse Code Indonesia Standard (QRIS) as the first new service after KBankincreased its shareholding in the Indonesian bank to 67.5 percent in 2022. QRIS, a bill payment service via QR Code, allows merchants and businesses across Indonesia to accept payments from mobile banking applications of any banks and e-Wallet service providers via a single QR Code. Hence, these merchants andbusinesses can accept payments more conveniently, quickly and worry free. Meanwhile, KBank looks to transfer its knowledge and experience in developingthe K Shop application for merchants in Thailand to Bank Maspion so that it candevelop its own merchant application to meet its customers’ needs. Additionally,KBank aims to help small businesses in Indonesia gain easier access to funds viaBank Maspion’s various service channels before introducing a full-fledged servicethere later on.
Mr. Chat added that the acquisition of Bank Maspion allows a synergy of key strengths of the two banks, and is part of a regional business expansion strategy. KBank customers will benefit from advice on business operations in Indonesia from Bank Maspion – a local bank with a longstanding experience – as well as one-stop financial services and comprehensive banking solutions. In addition, KBank will leverage its vast base of corporate customers in Thailand and regional countries to create business networks in the aspects of value chain and trade and investment spectrums – all of which are strategic in the support of business operators in Thailand, Indonesia, and other Southeast Asian countries going forward. More importantly, KBank’s strengths in financial services and technological capabilities, together with Bank Maspion’s local banking expertise, are expected to bring about new prospects and provide local operators in Indonesia easier access to loans and financial services so as to efficiently grow their businesses.