Thailand bids to reduce cash usage with PromptPay rollout
17 June 2016 | 8433 views | 0
Four state-run Thai banks and fifteen commercial institutions are to begin registration mid-July for a new national payment scheme, enabling customers to send money to recipients with just their national ID or mobile phone number.
The new PromptPay service, a collaborative initiative between the Bank of Thailand and the Thai Bankers Association, will go live for consumer funds transfers in October.
In a statement, the central bank says: "All parties confirmed their readiness for the official launch of public registration nationwide from July 15, 2016 onwards, believing that the new service will facilitate the public, reducing cash usage in Thailand and benefit the Thai overall economy in the long-run."
Reflecting this, the service will initially offer commission-free transfers for sums under $141, undercutting the banks' independent commercial services.
The October launch will allow e-money transfers between people, while funds transmission between companies will comprise a phase two rollout. Government pension payouts and tax rebates will follow in a later release.