PromptPay picks up among consumers

PromptPay picks up among consumers

Money transfer service to branch out to businesses

Central bank governor Veerathai Santiprabhob says PromptPay services have worked efficiently. PATTARACHAI PREECHAPANICH
Central bank governor Veerathai Santiprabhob says PromptPay services have worked efficiently. PATTARACHAI PREECHAPANICH

PromptPay's consumer-to-consumer (C2C) platform, an electronic funds transfer service under the national e-payment scheme, got off to a tepid start but usage is on the rise.

Transactions via PromptPay stood at around 15,000 a day on average last week, Bank of Thailand governor Veerathai Santiprabhob said at yesterday's Post Today forum.

"From what we have monitored, the PromptPay service has worked efficiently, and even though there might be some problems, they were caused by human error, not the system," he said.

PromptPay's C2C service began on Jan 27 after being pushed back from October of last year because of a "technical glitch", and for further testing to ensure security. The service is a part of the national e-payment system initiated by the government to turn Thailand into a cashless society.

PromptPay's money transfer services will be extended to business-to-business (B2B) transactions in March, and electronic payments for even small-ticket items at grocery stores will be added at a later stage.

According to the central bank's data, there were 288 million transactions of overall money transfers in September last year, averaging around 9.6 million transactions per day.

"Even though the volume transactions keeps increasing, it only accounts for a very small portion of traffic the system can handle," he said.

Given that PromptPay's backdoor system is scalable, the system can be upgraded to cope with a higher number of transactions in the future.

He said registration for PromptPay's B2B service may require more time than services for consumers as it requires more documents.

The fee for PromptPay's B2B will not be waived and will be higher than for C2C services, he said.

"We have a range of fees in mind, but the important thing for us is ensuring that there is a proper competition in this market segment," Mr Veerathai said.

PromptPay service allows lower costs for those who transfer money to recipients who link their banks' savings accounts with ID card or mobile phone number and also allows businesses to tap into a bigger market, he said.

"E-commerce can help these businesses gain a larger market in the country or even the global market," Mr Veerathai said.

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