Nationwide e-payments to push cashless society goal

[webfact]

Nationwide e-payments to push cashless society goal

By NOPHAKHUN LIMSAMARNPHUN 
THE NATION 

 

 

MORE BUSINESSES SET TO ALLOW ‘SMART’ SHOPPING WITH QR CODE

 

AS PART OF Thailand’s aspiration to become a cashless society, the country will soon adopt a new nationwide e-payment method using the so-called QR Code familiar to social media users.

 

The Bank of Thailand has approved plans by five commercial banks to introduce the QR Code e-payment service – Kasikornbank, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Government Savings Bank.

 

The addition of the service is expected to help reduce dependence on cash transactions as more businesses are set to accept the new e-payment method.

 

During a recent experiment in using the service at Bangkok’s Chatuchak Sunday market, more than 1,000 small vendors as well as service providers including motorcycle taxis accepted payment from customers using their mobile phones to transfer money via the QR Code.

The method is convenient and carries no additional transaction costs for either sellers or service providers.

 

The QR Code e-payment platform was pioneered by China’s e-commerce and social media giants, Alibaba and Wechat, which operate the Alipay and Wechat Pay apps respectively.

 

Its popularity makes it possible to live in China today without having to use cash for most goods and services.

 

China is now the world’s leader for QR Code e-payments, which has disrupted more traditional payment services such as debit and credit cards.

 

The huge number of Chinese tourists in Thailand, totalling nearly 10 million per year, has also prompted the early adoption of the e-payment method among Thai convenience stores and retail operators.

 

Earlier, the Thai government launched the PromptPay e-payment service for domestic use, making free of charge small-value money transfers via bank accounts.

 

The PromptPay popularity is expected to further grow when the QR Code system is added to the e-payment platform.

 

To facilitate nationwide adoption of the new platform, the central bank has taken steps to endorse a single Thai QR Code standard in accordance with the international system for mobile applications.

 

In practice, consumers after downloading an app for the service that matches their bank accounts could turn their smartphones or other compatible devices into electronic purses by scanning a seller’s QR code to pay for purchases at various goods and services outlets.

 

The money would then be automatically transferred from the buyer’s bank account into the seller’s account based on a similar arrangement with their participating bank.

 

The central bank has said that in a future stage it would expand the e-payment platform to cover holders of credit cards so as to make it more versatile.

 

Overall, the platform is a crucial element of Thailand’s emerging digital economy and society in which the lifestyle of consumers increasingly is closely tied to mobile phones and other smart devices.

 

For the government, any form of electronic payment is useful since it creates electronic records on transactions that make tax collection more efficient. In addition, the economy will benefit from more electronic transactions by increasing efficiency – cash transactions are more expensive due to higher costs.

 

For vendors, there is no additional transaction cost since banks are keen to provide the service free of charge at this stage, with some banks even offering additional financial incentives to early adopters without conditions requiring minimum payment per transaction.

 

The new service will help banks stay close to both consumers and businesses, big and small. This would allow banks to make use of the huge amount of data generated by both buyers and sellers in multiple ways.

 

While electronic transactions offer definite convenience advantages for consumers, experts warn that they should ensure that their personal devices are fully secured.

 

Source: http://www.nationmultimedia.com/detail/business/30335150

 

-- © Copyright The Nation 2018-01-01

[JAG]

In other news, the "Promptpay" system crashed because it was unable to cope with the fact that the years number changed by a single digit at midnight!

Sent from my KENNY using Thailand Forum - Thaivisa mobile app

[Antonymous]

3 hours ago, webfact said:

Overall, the platform is a crucial element of Thailand’s emerging digital economy and society in which the lifestyle of consumers increasingly is closely tied to mobile phones and other smart devices.

 

For the government, any form of electronic payment is useful since it creates electronic records on transactions that make tax collection more efficient.

And there it is. Big Brother is watching, monitoring and taxing. Those are the reasons for the worldwide war on cash.

[Confuscious]

Thais love "CASH".
I have been living in Thailand almost 2 decades and nothing has changed about that.
Everywhere they want to see "CASH".
If I ask "Can I pay with my Credit Card", the answer is that they will charge xxx Baht for the CC use.
Best of all is the school of my child, Assumption.
They have schools all over Thailand.
I pay the school fee every year with my Thai CC and they charge me 850 Baht for the transaction.
 

[Bluespunk]

5 hours ago, webfact said:

The huge number of Chinese tourists in Thailand, totalling nearly 10 million per year, has also prompted the early adoption of the e-payment method among Thai convenience stores and retail operators.

What China wants, China gets. 

[StayinThailand2much]

12 minutes ago, Bluespunk said:

What China wants, China gets. 

Perhaps they should start transliterating all Thai names into Chinese; would save time for issuance of the new ID cards, if China was to take over... 

[HiSoLowSoNoSo]

I hope that they use better IT guys for the new satellite they plan to build.  

[Autonuaq]

Funny to know that in countries where the cashless payments suppose to work and be the primary system, you see the cash payments increasing again.

Or you see alternative systems pop up.

 

 

[evadgib]

I foresee too many probs re loss of phone or computer, along with the lack of data protection legislation or culpability when this goes wrong.

The only plus is that it removes the need to tip (or at least returns it's status to 'voluntary') & does so with no loss of face at the point of purchase.

Edited January 1, 2018 by evadgib

[impulse]

1 hour ago, Confuscious said:

Thais love "CASH".
I have been living in Thailand almost 2 decades and nothing has changed about that.
Everywhere they want to see "CASH".
If I ask "Can I pay with my Credit Card", the answer is that they will charge xxx Baht for the CC use.
Best of all is the school of my child, Assumption.
They have schools all over Thailand.
I pay the school fee every year with my Thai CC and they charge me 850 Baht for the transaction.

 

They're not charging you anything extra.  The credit card companies are charging you, and the school is just collecting it for them.  Otherwise, the school has to pay the service fee for your convenience.

 

Edited January 1, 2018 by impulse

[connda]

1 hour ago, Confuscious said:

Thais love "CASH".
I have been living in Thailand almost 2 decades and nothing has changed about that.
Everywhere they want to see "CASH".
If I ask "Can I pay with my Credit Card", the answer is that they will charge xxx Baht for the CC use.
Best of all is the school of my child, Assumption.
They have schools all over Thailand.
I pay the school fee every year with my Thai CC and they charge me 850 Baht for the transaction.
 

I'm not sure how well a Prompt Pay code or a debit card on the end of a stick is going to go over very well during merit making at temples.  Money trees are pretty ingrained into the culture.
 

Edited January 1, 2018 by connda

[impulse]

4 minutes ago, connda said:

I'm not sure how well a Prompt Pay code or a debit card on the end of a stick is going to go over very well during merit making at temples.  Money trees are pretty ingrained into the culture.

 

Look for some kind of reward program that puts a special sticker or an emoji into your phone when you make a donation.  One that you can share with your "friends" to show them you've been making merit.  That's even better than the money trees, which end up being pretty anonymous. 

 

I'm betting we'll see it within 6 months... 

 

[the guest]

Only the little ppl use this system, the major players have their own system to avoid detection.

[thaibeachlovers]

3 hours ago, Antonymous said:

And there it is. Big Brother is watching, monitoring and taxing. Those are the reasons for the worldwide war on cash.

Absolutely correct. This is the worst thing imaginable and it is being enabled by the sheeple that are, like lemmings, rushing to embrace a system that will allow their entire lives to be controlled by people who do not have their best interests in mind.

It is all about control, and those that control the money control the people.

Unfortunately, it appears the people are too stupid to see what is happening.

 

I just hope the system keeps crashing, and the sheeple become disenchanted with it. I see no other hope of stopping it. Nothing like being in a foreign country with zero means of paying for anything to make people think twice about the cashless society.

 

BTW, the hackers are lovin' it. They are probably working out how to spend the trillions they will be making already.

 

PS. This technology is moving very fast. Only 10 years ago I couldn't see any way that they could make cashless work, but the sheeple's insatiable desire to talk to imaginary friends and send pointless twittering stupidities has enabled it.

[impulse]

Today, there's no additional fee for the cashless transactions.  You just pay for the scanners and the transactions are free...

 

I'm old enough to remember when they sold satellite dishes and the programming was free after you paid for the dish.  As soon as they had critical mass, the programming was no longer free.  People are now paying $20-$150 a month -month in and month out- for that programming.  Had the early adopters known up front that they'd eventually be charged for content, I doubt that satellite TV would have ever gotten off the ground.

 

I wonder when the cashless systems will attain their critical mass.

 

[thaibeachlovers]

15 minutes ago, connda said:

I'm not sure how well a Prompt Pay code or a debit card on the end of a stick is going to go over very well during merit making at temples.  Money trees are pretty ingrained into the culture.
 

Even as you wrote that, highly paid psychologists are at work designing computer programmes that will sway the sheeple from the "real" to the "digital".

[thaibeachlovers]

9 minutes ago, impulse said:

Today, there's no additional fee for the cashless transactions.  You just pay for the scanners and the transactions are free...

 

I'm old enough to remember when they sold satellite dishes and the programming was free after you paid for the dish.  As soon as they had critical mass, the programming was no longer free.  People are now paying $20-$150 a month -month in and month out- for that programming.  Had the early adopters known up front that they'd eventually be charged for content, I doubt that satellite TV would have ever gotten off the ground.

 

I wonder when the cashless systems will attain their critical mass.

 

Same with solar power panels on houses. First sold with claims that it would eventually provide nearly free power, but now charges are being imposed because the private electricity companies are losing money.

It's been a very slick and almost unnoticed long term campaign, but EVERYTHING is being monetised. Even water is being privatised and charged for. I read that private tanks are banned in some countries.

I'm wondering how long it will be before they work out a way to charge us for the air we breathe? They are already half way there with the "pollution" tax that doesn't actually stop pollution.

It's time for the people to wake up, or we are doomed.

Edited January 1, 2018 by thaibeachlovers

[thaibeachlovers]

7 hours ago, webfact said:

While electronic transactions offer definite convenience advantages for consumers, experts warn that they should ensure that their personal devices are fully secured.

experts warn that they should ensure that their personal devices are fully secured.

The most pointless, stupid and ridiculous thing said, ever.

The hackers will ALWAYS beat any system commercial companies can put in place. Anyone that thinks otherwise is just fooling themselves.

[thaibeachlovers]

49 minutes ago, evadgib said:

I foresee too many probs re loss of phone or computer, along with the lack of data protection legislation or culpability when this goes wrong.

The only plus is that it removes the need to tip (or at least returns it's status to 'voluntary') & does so with no loss of face at the point of purchase.

Even bigger threat will be crooks that steal phones or computers, and loot the accounts before the device's owner even realises their machine is gone.

Why would it remove the "need" to tip? No doubt businesses that are tipped now will incorporate it into the bill. Easy to do digitally. All that will happen is that we lose the ability to not tip for bad service. They might add a feature that would allow one to opt out, but make it hard to do so.

[worgeordie]

Cashless society, that's true lot of poor people here,and also some very ,

very rich people.how will this work on the corruption front,will they get

their "commissions" by  transfer instead of brown envelopes,spare a

thought for the poor brown envelope makers ,they will be out of business. 

 

regards worgeordie

[reenatinnakor]

Even bigger threat will be crooks that steal phones or computers, and loot the accounts before the device's owner even realises their machine is gone.
Why would it remove the "need" to tip? No doubt businesses that are tipped now will incorporate it into the bill. Easy to do digitally. All that will happen is that we lose the ability to not tip for bad service. They might add a feature that would allow one to opt out, but make it hard to do so.

In Hk and UK and USA I use contactless payment on just by waving my phone or card whenever I can... They need my fingerprint to unlock my phone so if they steal my phone they would have to chop my finger off as well. But off course in thailand they are 30 years behind so I have to find an atm when no cash. Cashless is the way forward whether people or it or not.

[CGW]

2 hours ago, Bluespunk said:

What China wants, China gets. 

Not so sure they can "legitimately" blame the Chinese as they are still pretty much a cash society, off course all governments want to get rid of cash as its not taxable!

[thaibeachlovers]

1 minute ago, reenatinnakor said:

 

In Hk and UK and USA I use contactless payment on just by waving my phone or card whenever I can... They need my fingerprint to unlock my phone so if they steal my phone they would have to chop my finger off as well. But off course in thailand they are 30 years behind so I have to find an atm when no cash. Cashless is the way forward whether people or it or not.

 

You actually think the hackers won't be able to bypass your fingerprint security.

If so, I have a bridge in New York I can sell you, real cheap 5555555555555

[CGW]

2 minutes ago, reenatinnakor said:

 

In Hk and UK and USA I use contactless payment on just by waving my phone or card whenever I can... They need my fingerprint to unlock my phone so if they steal my phone they would have to chop my finger off as well. But off course in thailand they are 30 years behind so I have to find an atm when no cash. Cashless is the way forward whether people or it or not.

I would prefer to stick to the "inconvenience" of using cash thanks!

[thaibeachlovers]

Just now, CGW said:

I would prefer to stick to the "inconvenience" of using cash thanks!

Me too. I've had it with these damn machines that track me, and sell my information to advertisers- filthy scumbags.

I don't want government tracking me as well.

We were warned about big brother government decades ago, but apparently the sheeple are too stupid to educate themselves on the danger.

[reenatinnakor]

You actually think the hackers won't be able to bypass your fingerprint security.
If so, I have a bridge in New York I can sell you, real cheap 5555555555555

You actually think you won't get run over by a bus when you walk outside? Why do you go outside? It's too risky!

Off course there's always risks, but it's not made easy for the crooks anymore. I can't even do a weird unusual payment from my debit card without barclays blocking the transaction first and texting me if it's actually me. If anything the security protocols now is probably too much.

[Bluespunk]

16 minutes ago, CGW said:

Not so sure they can "legitimately" blame the Chinese as they are still pretty much a cash society, off course all governments want to get rid of cash as its not taxable!

The article says differently and is putting Chinese tourist numbers as the reasons behind this move. 

[attrayant]

Because nothing says 'material worship' like a money tree.

 

All the hysterical crying about how the government is going to somehow control you when a society turns cashless are just that: hysterical.  Plenty of societies have gone at least partially cashless and it has been a net benefit for all involved, with the exception of the central bank because it'll lose seigniorage profits.

 

All the nonsense about hackers is crazed hysteria too.  Yeah, they exist, but people steal cash too.  The whole point of electronic transactions is that they can be traced.  Like probably everyone with a credit card, I've had a few fraudulent transactions appear on my statement.  One call to the bank and the transactions were reversed.  Now think about that 500 baht note someone dropped last week.  How fast do you think that loss will be reversed?

 

Handling cash is expensive. It has to be transported, guarded, tallied by expensive counting machines run by even more expensive people, and registered.  The register ends up being an electronic system anyway, so why not cut out all that human handling in the middle?  Banks need to guarantee electronic transactions and indemnify consumers against fraud.  That along with improving security tech like blockchain will turn cash into the dinosaur it should be.

 

 

 

Edited January 1, 2018 by attrayant

[thaibeachlovers]

10 minutes ago, Bluespunk said:

The article says differently and is putting Chinese tourist numbers as the reasons behind this move. 

Hmmmm. There are over a billion Chinese, and how many of them can afford to be tourists?

It's, IMO, rather more than tourists driving the change.

[thaibeachlovers]

1 minute ago, attrayant said:

Because nothing says 'material worship' like a money tree.

 

All the hysterical crying about how the government is going to somehow control you when a society turns cashless are just that: hysterical.  Plenty of societies have gone at least partially cashless and it has been a net benefit for all involved, with the exception of the central bank because it'll lose seigniorage profits.

 

All the nonsense about hackers is crazed hysteria too.  Yeah, they exist, but people steal cash too.  The whole point of electronic transactions is that they can be traced.  Like probably everyone with a credit card, I've had a few fraudulent transactions appear on my statement.  One call to the bank and the transactions were reversed and all was well.  Now think about that 500 baht note someone dropped last week.  How fast do you think that loss will be reversed?

 

Handling cash is expensive. It has to be transported, guarded, tallied by expensive counting machines run by even more expensive people, and registered.  The register ends up being an electronic system anyway, so why not cut out all that human handling in the middle?  Banks need to guarantee electronic transactions and indemnify consumers against fraud.  That along with improving security tech like blockchain will turn cash into the dinosaur it should be.

Well, given you just tracked out all the big brother propaganda, you obviously don't mind being at the mercy of faceless government bureaucrats that can track everything you buy.

I do mind.