KBank waives fees for digital banking

KBank waives fees for digital banking

KBank senior executive vice-president Pachara Samalapa shows K Plus mobile app during its launch on May 8 last year. (Bangkok Post file photo)
KBank senior executive vice-president Pachara Samalapa shows K Plus mobile app during its launch on May 8 last year. (Bangkok Post file photo)

Kasikornbank will waive fees for money transfers and bill payments through its internet and mobile banking channels from Wednesday to the end of this year.

The eligible services are its most popular -- money transfers across clearing zones, real-time interbank transfers, bill payments and refilling.

Currently, the first five fund transfers across clearing zones in each month are free and the fee for subsequent transfers is 10 baht each. Real-time interbank transfers cost 25-35 baht each while bill payment fees range from 5-20 baht each.

The waiver applies to transactions through its mobile apps for retail customers and small and medium-sized enterprises -- K Plus and K Plus SME -- as well as its web-based channels -- K-Cyber and K-Cyber SME.

KBank senior executive vice-president Pachara Samalapa said as Thailand was transforming into a cashless society, more transactions were done digitally, especially through QR codes.

“The number of shops accepting QR code payments has exceeded 1 million, with transactions worth 1.5 billion baht in the first quarter of this year,” he said.

While more digital transactions help KBank cut cash management costs in the long run, customers benefit from lower fees and the economy from lower overall costs.

“We hope the transactions would rise to 6 billion in the middle of this year.”

KBank now has 8.1 million users of its K Plus mobile app, with transaction value of 6.3 trillion baht a year while some 1.7 million customers use the K-Cyber Banking, generating transactions totalling 1.7 trillion baht a year.


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