The national telecom regulator is working with the central bank to overhaul the service fee structure for digital financial activities in a bid to lower transaction costs for low-income consumers.
The plan is also aimed at promoting online and mobile banking services, particularly remittance-related activities.
"After reaching a mutual agreement, a joint working committee between the National Broadcasting and Telecommunications Commission and the Bank of Thailand will be set up to work on the issue and undertake measures," said Col Settapong Malisuwan, the NBTC's vice-chairman.
Meeting on Wednesday regarding the matter were NBTC chairman ACM Thares Punsri; Ioane Koroivuki, the International Telecommunication Union's Asia-Pacific director; Kim Eun-ju, head of the Innovation and Partnership Department and administrator of the ICT Development Fund at the ITU; and ITU programme officer Wisit Atipayakoon.
The collaboration is aimed at addressing better the growing concerns about mobile payment security, Col Settapong said.
He said the working committee would conduct a national assessment on the present circumstances of digital financial services.
The NBTC will then implement safety and security protection regulations and other measures by July.
The ITU is urging the NBTC and the central bank to engage more in ITU activities and contribute country case studies to share information about the digital financial environment and mobile payment security conditions.
Mobile banking is a service provided by banks, other financial institutions and mobile operators that allows customers to conduct some financial transactions remotely using any mobile device with no bank account required.
Thailand's financial payment environment is changing as more people adopt the use of smartphones for their banking.
In addition, the country's financial infrastructure can support and promote electronic and mobile payments.
Col Settapong said the key to driving growth in mobile payments nationwide was wider smartphone adoption and greater wireless broadband network coverage including fourth-generation infrastructure.
Greater use of digital financial activities can accelerate economic development, with sizeable benefits generated for low-income consumers by making it cheaper and easier for them to transfer money.
"Personally, I think the current transaction fees on money transfer via ATM are too high compared with the amount of data communicated between the ATM and the bank's central system," Col Settapong said.
Thailand has 5.5 million e-wallet users -- 4 million using Advanced Info Service Plc's mPay service and 1.5 million using True Move's TrueMoney service. Total Access Communication Plc is preparing to roll out its own e-wallet service this year.
Mobile payment and e-wallet transactions of the three operators will be worth an estimated 90 billion baht this year.