PromptPay 'a big success'
'In four months, PromptPay transactions already exceeded the numbers seen in some European countries over two years.'
'In four months, PromptPay transactions already exceeded the numbers seen in some European countries over two years.'
MONEY TRANSFER & E-PAYMENTS
PromptPay 'a big success'
1/06/2017
Online Reporters
PromptPay, the national money transfer and e-payment system, has proven to be a great success since its launch four months ago, according to the Thai Bankers' Association.
48 BILLION BAHT IN 7.5 MILLION TRANSACTIONS, SO FAR
Bank of Thailand data as of May 21 showed accumulated transaction value over the PromptPay network stood at 48 billion baht from 7.5 million transactions.
This is according to Predee Daichai, chairman of the banking industry's group speaking on Thursday.
Daily transactions volume was 100,000 transactions at its peak, he added.
LAUNCHED IN JANUARY OF THIS YEAR
The service, a collaboration between the government and banks, was launched on Jan 27 this year for individuals.
It was expanded to include juristic persons on March 1.
WHAT IS PROMPTPAY?
The PromptPay service, the official channel for government payments to individuals, aims to reduce cash use and lower bank transfer fees.
PromptPay facilitates money transfers by linking an individual's ID card number and/or mobile phone number to his or her bank account.
NEW SERVICE: PROMPTPAY BILLS SENT TO CUSTOMERS
In the fourth quarter of this year, two new services will be added, Mr Predee said.
The new "Request to Pay" service allows sellers to send PromptPay bills to their customers so they can easily confirm the amount and pay them.
The "Cross-Bank Bill Payment" service allows company customers to pay bills at different banks through Prompt Pay.
NO SECURITY OR SYSTEM COMPLAINTS
"In four months, PromptPay transactions already exceeded the numbers seen in some European countries over two years."
"And the good news is we haven't received complaints involving security or system malfunctioning."
"We believe customers are confident to use it more," Mr Predee said.
TARGET: 30 MILLION REGISTERED USERS BY THE END OF THE YEAR
In the latest survey, 28.3 million people have registered to use PromptPay to-date and 30,000 juristic persons.
The bankers targeted the total number to be 30 million at the end of this year.
http://www.bangkokpost.com/business/news/1260687/promptpay-a-big-success
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