Banks prepare MyPrompt QR to up security
Five large commercial banks plan to adopt MyPrompt QR, a business-scan-consumer QR code payment system, from the fourth quarter of this year.
The five banks are Siam Commercial Bank, Kasikornbank, Bangkok Bank, Krungthai Bank and Bank of Ayudhya, said Yos Kimsawate, head of the payment system office under the Thai Bankers' Association.
He was speaking at yesterday's Bangkok Fintech Fair 2019 organised by the Bank of Thailand.
An additional four banks will offer the service at the beginning of next year, with others following suit depending on each bank's technology development, Mr Yos said.
MyPrompt QR service is the next phase for PromptPay, enabling consumers to use individual QR codes generated on a mobile banking app, which merchants scan to take payments.
The existing QR payment system has consumers use mobile banking apps on their smartphones to scan merchants' QR codes for payments.
The standardised MyPrompt QR technology is said to offer greater convenience, better speeds and higher security for consumers at the point of spending.
"MyPrompt QR will be a one-time code valid for a certain period for a transaction," Mr Yos said. "This should raise consumers' confidence in the system's security."
The technology is likely to be extended to regional markets in the next phase, starting with Cambodia, Laos, Myanmar, and Vietnam under an Asean collaboration, he said.
Ronadol Numnonda, deputy governor of the central bank for financial institutions stability, said the MyPrompt QR service was jointly developed by the central bank and the private sector under the PromptPay platform.
The country's five largest banks are involved with the innovative payment technology and will gradually update mobile banking features to prepare for the payment service, Mr Ronadol said.
Some 5 million merchants with a combined transaction value of 10 billion baht per month will receive MyPrompt QR payments.
The Mall Group, Central JD Money (the operator of Dolfin wallet) and Big C Supercenter are among the merchants that accept MyPrompt QR payment.
Apart from the five largest banks, Thanachart Bank, UOB Thai, Government Savings Bank and CIMB Thai Bank have taken part in the payment system's development.
Mr Ronadol said the MyPrompt QR code can better serve large corporations with extensive networks such as department stores and convenience stores, payment at cashiers can be done faster, and promotions can be easily integrated.
The new payment system is the first developed under the ISO 20022 standardised financial industry message scheme, which has also been adopted in several other countries.