BoT reports wide use of Prompt Pay

 

 

BANGKOK, 15th March 2018 (NNT) – The Bank of Thailand (BoT) reports that up to 39 million accounts have been Prompt Pay enabled in the past year alone, and tests on financial innovations are progressing to the second phase, bringing Thailand closer to being a cashless society. 

Assistant to the BoT Governor for Payments and Financial Technology, Sirithida Panomwan Na Ayuthaya said today that after being available for just one year, as many as 39 million bank accounts have been added to the system.

 

She elaborated that 66 percent of registrations used ID cards while 44 percent used mobile phone numbers. Payments via the electronic system have reached 1.1 million baht with the average per transaction dropping from an initial 6 to7,000 baht to 3 to 5,000 baht, indicating more general usage. 

The use of QR codes to make payments has also increased with users utilizing the system to pay for daily items such as food and services. Up to 1 million stores now offer QR code payments. 

The Bank of Thailand is nevertheless to continue promoting Prompt Pay and has pressed its service provider National ITMX to ensure the efficiency of the system following a failure on December 31, 2017. 

At the same time, the BoT’s Regulatory Sandbox, a mechanism to support financial innovations, has moved onto the second phase of developing Blockchain technology.

 

The system is to be extended to product purchases after initially being restricted to international transactions. A biometric system is being trialed for the technology and involves facial as well as other physical scans.

 

-- nnt 2018-03-15

BoT reports wide use of Prompt Pay


Payments via the electronic system have reached 1.1 million baht with the average per transaction dropping from an initial 6 to7,000 baht to 3 to 5,000 baht, indicating more general usage. 

1.1 million baht ?

Abolishing service fees would further increase usage.

8 hours ago, shady86 said:

Abolishing service fees would further increase usage.

Yes, I agree, that huge fee of 2Baht for transfers between 5,000 to 30,000 Baht must put a lot of people off using the service.

As for the 10Baht fee for 100,000 to 300,000 Baht, pure extortion.