The Finance Ministry, the Bank of Thailand and commercial banks launched the customer-to-customer (C2C) electronic payment system on Friday as planned, with the next step being the business-to-business (B2B) platform, set to roll out on March 1, says Finance Minister Apisak Tantivorawong.
The C2C e-payment system had been delayed from the end of last October due to complications from the new technology, prompting the regulator and the Thai Bankers' Association (TBA) to postpone its launch to ensure that it would be ready.
Mr Apisak said the C2C e-payment system is a positive development for the country, helping Thailand convert to a cashless society, which will cut costs for the country significantly.
"We [the Finance Ministry, the BoT and the TBA] have been working hard over the past year to push the development to reach this point," he said.
"It is very important, as every country in the world is moving in this direction, and we are the first country in Southeast Asia to be able to launch an e-payment system."
For B2B, he said commercial banks started allowing business clients to use the service yesterday by employing their trade register number to identify the owner of the B2B account.
Registered clients for the B2B platform will be able to officially use the B2B services from March 1.
But for the capital market, another 12-18 months will be needed to adjust the system in order to integrate the market's clearing and settlement system into the national e-payment system.
For the electronic tax system, from March 1 the Revenue Department will start allowing business operators to submit their tax invoices via email.
"In the future, the e-tax system will be geared towards a fully comprehensive digital system," Mr Apisak said.