PromptPay transfer ceiling jumps to B2m from B5,000
published : 27 Aug 2018 at 17:03
writer: Wichit Chantanusornsiri
The National e-Payment Committee will gradually increase the ceiling of free money transfers through PromptPay to 2 million baht from 5,000 baht in the future, Finance Minister Apisak Tantivorawong said on Monday.
The minister said after the meeting that the ceiling for free money transfers would be increased in steps from 5,000 baht to 700,00 baht in the next few months.
He did not give a specific timeline when the maximum ceiling of 2 million baht will take effect.
The increase will serve money settlement in the equity market and promote e-payment in the country, he added.
Representatives of the Thai Bankers' Association attending the meeting had no objection to the plan, according to Mr Apisak.
PromptPay, launched in January last year, has 44.3 million registrants with the average money transfer of 4,000 baht.
Currently, no fee is charged for money transfers up to 5,000 baht each. Fees range from two baht (for transfers of 5,001-30,000 baht), five baht (30,001-100,000 baht) and 10 baht (100,001 baht to a ceiling set by each bank).
Earlier this year, commercial banks adjusted themselves to the national e-payment project by scrapping money transfer fees of 20-50 baht per transaction to remain competitive with PromptPay. As Thailand is moving closer to becoming a cashless society, banks hope to be able to cut their branch and cash-management costs to offset dwindling fee incomes.