Do Thai Credit/Debit Cards Have Credit Funds Transfer (Cft) Enabled?

[4evermaat]

CFT = Credit Fund Transfer. I'm trying to find a more strict definition on this, but basically the merchant or financial institution can actually send money to any debit/credit visa/mc/etc cardholder whose card is eligible for this type of payment. It's supposed to work very similar to a refund, where you send money back to the card that made a previous purchase, only no previous purchase may be required.

Can someone comment on their experiences with this method of funds transfer? More on how it works (from merchant or consumer view) and if they've seen these types of transactions from Thai bank issued debit/credit cards.

[aurelius]

Thai accounts can receive the original credit, but the Thai cards cannot initiate the transfer. Ibanking, atm, branches - there are no points which allow the transaction to be conducted, except for a retail point of sale reversal (which is not what you are referring to). Reason it hasn't been launched is because of the fee structure (mainly regarding domestic transfers) and the fx/aml issues for international transfers.

[4evermaat]

Thai accounts can receive the original credit, but the Thai cards cannot initiate the transfer. Ibanking, atm, branches - there are no points which allow the transaction to be conducted, except for a retail point of sale reversal (which is not what you are referring to). Reason it hasn't been launched is because of the fee structure (mainly regarding domestic transfers) and the fx/aml issues for international transfers.

thanks. i guess i'll find out for sure in a month or so. have you seen the cfl in action? which countries/banks?

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