Krungthai Card (KTC) is introducing what it claims is the country's first iris-based mobile application to offer customers higher security and simplicity.
The country's leading credit card issuer aims to significantly increase its mobile app users in 2018, said Tosapong Rangkawara, KTC vice-president for credit card business.
The company's mobile app, TapKTC, has around 600,000 users out of a total customer base of 3 million credit cards and personal loan customers. KTC hopes the new features will allow the app to hit 2 million users by July 2018.
Its Samsung Pass service iris recognition technology will allow users to log into the app. The feature is still being tested in the Bank of Thailand's regulatory sandbox, and is expected to exit by the end of this year at the earliest.
Mr Tosapong said KTC is the first to adopt the standard biometric iris recognition function in Southeast Asia, and the third in the world after institutions in South Korea and Britain.
Users can check their card accounts and balances, as well as set monthly debt instalment payments and redeem reward points. The app includes smart notification alerts to remind customers of their debt payments under their own settings.
"We expect the new features will improve customers' debt payment behaviour and financial discipline. In the long term, they will improve the company's asset quality," he said.
As of June, KTC's non-performing loans for credit cards and personal loans stood at 1.22% and 0.88%, respectively.
Other security features such as existing biometric technology, fingerprint verification and PIN codes will still be available on the mobile app. The company is studying the possibility of adopting other biometric facial and voice technologies, said Mr Tosapong.
KTC was also the first card issuer in Thailand to adopt quick response code for credit card payment. It has submitted its application to enter the central bank's regulatory sandbox, and is waiting for the regulator's approval.
