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CARDS & PAYMENTS | Cesar Tordesillas, Thailand
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Krung Thai Bank pilots corporate cash card

KTB will help companies manage their cash flow and reduce the risk of their payees holding cash through its new corporate cash card.

 

It is starting the pilot project with Double A, an integrated pulp and paper producer and distributor.

The bank will facilitate cash flow to Double A with its contract farmers who supply it wood under the "Paper from Farmed Trees" project.

Ther cash cards would be issued to Double A farmers who want to receive payments from the company by withdrawing cash from an automated teller machine. The farmers are not required to open an account with the bank, explains Anuchit Anuchitanukul, executive vice president of Krung Thai Bank .

Double A is bearing the cost of card issuance instead of its farmers.

Before using the cash card to get their money from the company, farmers have to wait at least two or three days.

The bank was ready to increase the functionality of the Double A cash cards, such as by making them also debit cards in the next phase if farmers so require. The cards can also be used for cross-selling products to Double A farmers in the future.

About 300,000 farmers are expected to use the card.

The bank is in talks with five more corporate customers and expects both private and state agencies to design the cash card to suit their customers and partners.

The deals would involve at least 100,000 cards for each company.

The corporate cash cards can also be used for payment and receipt.

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