Five banks exit Thai regulatory sandbox with QR payment codes
14 November 2017 | 2614 views | 0
Source: Bank of Thailand
Ms. Siritida Panomwon Na Ayudhya, Assistant Governor, Payment Systems Policy and Financial Technology Group, announces that since the Bank of Thailand (BOT), financial institutions, non-bank payment service providers, and international card schemes have jointly developed the Thai QR code standard for e-Payment in Thailand which complies with international standard, BOT has allowed eight financial institutions to test their payment projects using the QR code standard through their mobile application in the BOT’s regulatory sandbox.
Today (13 November), BOT has permitted five financial institutions, which are Kasikorn Bank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank, and Government Saving Bank that have met all criteria in providing QR code payment services through PromptPay system, to exit from the regulatory sandbox and to be able to offer QR code payment services to the general public. The important criteria are the readiness and robustness of IT system, risk management, consumer protection, security, as well as related operations in their branches and call centers, aiming to serve consumers continuously and efficiently.
The QR code payment services of the five banks have been developed on PromptPay system where customers can use their mobile application of those banks to scan the merchant’s standard QR code to make their payments promptly. The QR code payment is suitable for merchants having basic payment transactions such as food stalls, small and medium shops, fresh market, as well as taxi and motorcycle taxi. In the near future, the QR code payment services will be enhanced to support more sources of funds, such as credit cards, and to facilitate innovative financial services.
The use of Thai QR code payment standard has brought about the e-Payment alternative with convenience, prompt and safety and making interbank e-Payment easily. Merchants can receive e-Payment with ease and low cost, and only one standard QR code can be used to receive money from various source of funds. As funds are directly transferred to their bank accounts, cash handling will be much easier than receiving cash.
Merchants that would like to have QR Code for receiving payment can directly contact the permitted banks, while customers who would like to make payment via QR Code can download mobile application and study service instructions from their service providers. Apart from these permitted five banks, other banks that are testing their QR code payment projects are also making a good progress, which BOT will inform their updates later.