Kasikornbank (KBank), the country's fourth-largest bank by assets, expects its quick response (QR) code payment service to complete its term in the Bank of Thailand's regulatory sandbox, an arena for startups and financial institutions to experiment with innovation, by the end of this month.

Even though the central bank has provided guidelines for leaving the sandbox, KBank is waiting for exact regulations, said Patchara Samalapa, KBank's senior executive vice-president.

KBank is one of the first two banks allowed to test out QR code payment services in the sandbox from the beginning of this month. The central bank recently allowed six more banks -- Bangkok Bank (BBL), Krungthai Bank, Bank of Ayudhya, Thanachart Bank, TMB Bank and Government Savings Bank -- to try out the same services in the sandbox.

In the sandbox, the value of KBank's QR code payment stands at 300,000-500,00 baht a day, with average transactions of 500 per day. KBank is testing out the innovative service at three high-traffic areas in Bangkok -- Siam, Chatuchak weekend market and Pratunam Platinum shopping mall -- with 2,000 merchants adopting the bank's QR payment channel for smartphones.

Having gained approval from the central bank to exit the sandbox, the bank's next plans to expand QR code payment nationwide, including remote areas.

The bank will target those who prefer cash payments, hoping to draw customers to use QR code payment services, given more convenience, speed and security. QR code payments are expected to help wean Thailand off of cash, in line with the state's policy to move towards Thailand 4.0.

"We will leverage our staff across the country to help both consumers and merchants understand QR payments, particularly upcountry," Mr Patchara said. "The bank expects it will help the bank retain leadership in digital banking service."

KBank is the country's top mobile banking service provider by number of users. It aims for the number of mobile banking users to reach 7 million by the end of this year from 6 million.

Meanwhile, the Bank of Thailand has extended PromptPay to e-wallet top-ups for different bank accounts, particularly non-bank companies.

With the service, consumers can use PromptPay to add money to e-wallet accounts, which were made available yesterday, and the top-up service has the same fee as PromptPay's money transfer service.

Users can move money free of charge for all transfers below 5,000 baht to recipients who hold accounts at different banks in the same zone or the same bank in cross-clearing zones; transfers of 5,000-30,000 baht are charged a fee of up to two baht; transfers of 30,000-100,000 baht cost within five baht; and transfers exceeding 100,000 baht are charged within 10 baht.

The central bank's payment systems policy and financial technology group assistant governor Siritida Panomwon Na Ayudhya said that customers can use the 15-digit number of each e-wallet account provided by non-bank e-wallet service providers for top-ups through PromptPay.

She said there are 10 banks and two e-wallet operators are offering e-wallet top-ups through PromptPay, while others will start offering the service when they are ready.

The central bank is also planning to further broaden PromptPay services to bill payment and request-to-pay services over the next few months.

PromptPay is a part of the four-pronged national e-payment initiative, which also includes the electronic payment of taxes, the expansion of electronic cards and electronic data capture and electronic welfare and subsidies.

KBANK shares closed yesterday on the Stock Exchange of Thailand at 214 baht, down four baht, in trade worth 3.68 billion baht.