Siam Commercial Bank (SCB) has halved its forecast for the number of merchant customers using quick response (QR) code payment this year to 100,000 because the experimental period in the regulatory sandbox is taking longer than expected.
SCB's QR code system will probably exit the Bank of Thailand's regulatory sandbox by the middle of this month, said senior executive vice-president Apiphan Charoenanusorn.
Previously, the country's second-largest lender by assets aimed for 200,000 merchant customers to use QR code payment this year, with a goal of exiting the regulatory sandbox in October.
SCB and Kasikornbank were the first two banks allowed to test QR code payment services in the sandbox in August.
Mrs Apiphan said the Bank of Thailand supports QR code payment but needs more time to ensure customer protection after the official roll-out of the innovative payment technology.
As a result, the QR code system's official launch is unlikely to coincide with the government's tax break on shopping during Nov 11-Dec 3.
SCB aims for 500,000 merchants to sign up for the bank's QR code system by 2018.
The aggressive customer target will be reachable because of the bank's readiness to educate merchants and introduce marketing campaigns to boost usage of the new payment system, Mrs Apiphan said.
While the bank's QR code system is still in the central bank's sandbox, SCB is providing the service as a pilot project at locations in Chatuchak Weekend Market, Siam Square, Platinum Fashion Mall and MBK.
SCB is also promoting QR payment at Kasetsart and Thammasat universities.
In transport, the bank's QR payment is now available for motorcycle taxis, public vans and taxicabs. Some wet markets and temples have the service as well.
The bank yesterday launched a feature of SCB Easy Pay QR Code called Mae Manee Money Solutions.
The new feature sends a free alert via SCB Connect in the Line messaging app for every payment transaction of any amount, making it Thailand's first and only service of this kind to offer Line notification.
SCB shares closed yesterday on the Stock Exchange of Thailand at 148.50 baht, down 50 satang, in heavy trade worth 1.95 billion baht.