Visa partners with Krungthai Bank and Thai Revenue Department to enable commercial credit card acceptance for business tax
01/29/2024
Paying business tax in Thailand has become faster and more convenient as Visa, a world leader in digital payments, and Krungthai Bank (KTB) enable digital payment acceptance for the Thai Revenue Department. This allows registered business entities to make tax payments online using their Visa commercial credit card using Krungthai Fastpay (Payment Gateway).
This new way to pay addresses the needs of business owners in Thailand by offering the convenience of comprehensive tax settlement. It also increases operational efficiencies by reducing the burden of paperwork and enabling business owners to concentrate on managing their business.
In the seventh edition of the Visa Back to Business Study – 2023 Outlook 1, the results showed that a majority of the small and micro businesses surveyed planned to leave paper behind. While 95 percent of small business owners planned to be cashless “someday,” more than 50 percent plan to make that shift in the next two years. This follows the lead of over half (55%) of consumers who predict they will increase digital payments in the coming year.
Punnamas Vichitkulwongsa, Visa Country Manager for Thailand said, “We’re delighted to support the modernisation effort of another Thai government agency and initiate digital payment acceptance with the Thai Revenue Department. Similar to the private sector, governments have an equally important role to play in advancing economies and driving innovations to transform the everyday life of both individuals and businesses. As businesses enhance their processes to meet today’s challenges, it is important that government agencies work with the private sector to support businesses in going digital.”
Payong Srivanich, CEO and President of Krungthai Bank, said, “Krungthai Bank is committed to driving technological advancements and financial innovation and we are keen to collaborate with diverse stakeholders to develop products and services that address the various needs of the Thai population and foster sustainable economic growth in the digital age. This partnership marks a significant leap forward in enhancing the efficiency of the Revenue Department's payment system and simplifying tax payments for business owners. Traditionally, tax payments were restricted to bank transfers or checks. The introduction of digital payment services through the Visa commercial credit card streamlines tax payments, ensuring a fast and secure process while reducing check management costs. With an interest-free period of up to 55 days and the added benefits of cashback credits and reward points, this initiative further boosts financial management efficiency within the business sector. It represents a crucial milestone in our ongoing strategy to expand our footprint and strengthen Thailand's digital payment ecosystem.”
Currently, the only way for registered businesses in Thailand to pay tax is by bank transfer or cheque. A commonly known benefit of cheques is a buffer period for payment to be made to their suppliers, which translates to cashflow flexibility. However, a Visa commercial credit card can also improve cashflow for businesses by allowing them to up to 55 interest-free days, as well as cutting down on operational expenses by eliminating fees associated with check handling.
Business owners can enjoy a range of additional benefits when making payments with a Visa commercial credit card, including cashback rewards and loyalty points.
“At Visa, we’re seeing the small business mindset shift from survival mode to growth mode as small and micro businesses are tapping on the power of digital payments to improve efficiencies, reach new audiences, and explore opportunities for international business expansion. Referring to the Visa Back to Business Study – 2023 Outlook2, an overwhelming number of SMBs (91%) also said they are at least somewhat likely to consider available automation and AI services like ChatGPT over the next 12 months to help elevate their business against competitors,” Punnamas added.
In Thailand, Visa commercial cards are issued by TMBThanachart Bank, Krungthai Bank, UOB, Citi, Bangkok Bank, and Aeon. The Visa commercial credit card will be accepted both online and at Thai Revenue Department offices.
1 The Visa’s Global Back to Business Study was conducted by Wakefield Research in March/April 2023 and surveyed 2,250 small business owners with 100 employees or fewer in Australia, Brazil, Canada, Germany, Hong Kong, Ireland, New Zealand, Singapore, UAE, and the US. The consumer section surveyed 1,000 adults ages 18+ in the US, and 500 adults ages 18+ in Australia, Brazil, Canada, Germany, Hong Kong, Ireland, New Zealand, Singapore, and UAE.
2 The Visa’s Global Back to Business Study was conducted by Wakefield Research in March/April 2023 and surveyed 2,250 small business owners with 100 employees or fewer in Australia, Brazil, Canada, Germany, Hong Kong, Ireland, New Zealand, Singapore, UAE, and the US. The consumer section surveyed 1,000 adults ages 18+ in the US, and 500 adults ages 18+ in Australia, Brazil, Canada, Germany, Hong Kong, Ireland, New Zealand, Singapore, and UAE.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.