PromptPay gets off to slow start: central bank governor

 

 

BANGKOK: -- PromptPay electronic fund transfer service got off to a slow start with about 15,000 transactions a day on average last week which is very small compared to the capacity of the system to handle money transfers, Bank of Thailand governor Veerathai Santiprabhob said on Wednesday.

 

However, he said that consumer-to-consumer electronic fund transfer service which was launched on January 27 worked quite smoothly since the launch although there were some minor glitches caused by human error.

 

He was confident that usage of the system by consumers would pick up as more people who subscribed to the service which is convenient and cheap.

 

As for the business to business money transfer service, the governor said that the central bank had been working on the system which is more complicated than the consumer to consumer platform and the fee rates to be charged which will be higher are yet to be determined.

 

Full story: http://englishnews.thaipbs.or.th/promptpay-gets-off-slow-start-central-bank-governor/

 

-- © Copyright Thai PBS 2017-02-09

I don't see any convenience advantage of this system over regular bank transfers.  As far as cost goes, eventually it will probably be more expensive than regular bank transfers.  I wonder how much of a kickback was involved from VocaLink UK in pushing this system through?