PromptPay: Money transfer easier than ever
“PromptPay” also pronounced “Phr̂xm Pay” in Thai is a brand new money transfer system in this country that will make moving cash easier, faster and more secure at lower cost. The new system will match the 10-digit bank account number with ID card number and/or cell phone number.
PromptPay brings a lot of benefits to both commercial banks and their customers. As e-payment increases and cash usage decreases so will the bank’s operation cost slide. Moreover, the e-payment advantage for the bank customer is that it is more convenient and safer because it is trackable.
Bank of Thailand (BOT) announced earlier this week that the PromptPay system will be ready early July and that it plans to start nationwide personal use service this October with corporate use being rolled out later. The central bank also plans to use this system for government to citizen payments such as social welfare and tax refund.
By Panu Sangdeeching
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