PromptPay 'a big success'

PromptPay 'a big success'

A smartphone shows PromptPay is seen in this picture illustration on July 19, 2016. (Reuters photo)
A smartphone shows PromptPay is seen in this picture illustration on July 19, 2016. (Reuters photo)

'In four months, PromptPay transactions already exceeded the numbers seen in some European countries over two years.'

MONEY TRANSFER & E-PAYMENTS

PromptPay 'a big success'

1/06/2017
Online Reporters

PromptPay, the national money transfer and e-payment system, has proven to be a great success since its launch four months ago, according to the Thai Bankers' Association.

48 BILLION BAHT IN 7.5 MILLION TRANSACTIONS, SO FAR

Bank of Thailand data as of May 21 showed accumulated transaction value over the PromptPay network stood at 48 billion baht from 7.5 million transactions.

This is according to Predee Daichai, chairman of the banking industry's group speaking on Thursday.

Daily transactions volume was 100,000 transactions at its peak, he added.

LAUNCHED IN JANUARY OF THIS YEAR

The service, a collaboration between the government and banks, was launched on Jan 27 this year for individuals.

It was expanded to include juristic persons on March 1.

WHAT IS PROMPTPAY?

The PromptPay service, the official channel for government payments to individuals, aims to reduce cash use and lower bank transfer fees.

PromptPay facilitates money transfers by linking an individual's ID card number and/or mobile phone number to his or her bank account.

NEW SERVICE: PROMPTPAY BILLS SENT TO CUSTOMERS 

In the fourth quarter of this year, two new services will be added, Mr Predee said.

The new "Request to Pay" service allows sellers to send PromptPay bills to their customers so they can easily confirm the amount and pay them.

The "Cross-Bank Bill Payment" service allows company customers to pay bills at different banks through Prompt Pay.

NO SECURITY OR SYSTEM COMPLAINTS

"In four months, PromptPay transactions already exceeded the numbers seen in some European countries over two years."

"And the good news is we haven't received complaints involving security or system malfunctioning."

"We believe customers are confident to use it more," Mr Predee said.

TARGET: 30 MILLION REGISTERED USERS BY THE END OF THE YEAR

In the latest survey, 28.3 million people have registered to use PromptPay to-date and 30,000 juristic persons.

The bankers targeted the total number to be 30 million at the end of this year.  

http://www.bangkokpost.com/business/news/1260687/promptpay-a-big-success

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Vocabulary

  • according to (prep): as stated or reported by somebody/something - ตามคำบอกเล่า, ตามรายงาน
  • account: bank account; money kept in a bank - บัญชี
  • aim: to have as your purpose or goal - มีเป้าหมาย มีจุดมุ่งหมาย
  • chairman: the person in charge of a committee, a company, etc - ประธาน
  • channel (noun): a method for doing something - วิธีการ, ช่องทาง
  • collaboration: working together with someone else - การร่วมมือ
  • complaint: when someone says that something is wrong or not satisfactory - การบ่น, ข้อที่ไม่พอใจ
  • confident: being certain of your abilities or of having trust in people, plans, or the future - มั่นใจ
  • confirm (verb): to state or show that something is definitely true or correct, especially by providing evidence - ยืนยัน
  • daily (adj.): happening, done or produced every day - แต่ละวัน, ทุกวัน
  • exceed: to be more than something; to go beyond a limit - เกินกว่าที่กำหนด
  • expand: to make or become larger (noun form: expansion) - ทำให้กว้าง, ทำให้ขยาย
  • expanded (adj): made larger - ขยาย เพิ่ม
  • facilitate: to make it possible or easier for something to happen - ทำให้สะดวกขึ้น
  • fee: an amount of money that someone pays to be allowed to do something, or in this case, to hire someone - ค่าธรรมเนียม, ค่าจ้าง
  • individual: a person considered separately rather than as part of a group - บุคคล
  • industry: the people and activities involved in producing a particular thing, or in providing a particular service; the production of goods from raw materials, especially in factories - อุตสาหกรรม
  • juristic person: an organization that has the legal rights of a person -
  • latest (adj): newest; most recent - ] ล่าสุด, See also: ทันสมัยที่สุด, เกิดหลังสุด
  • launch: an event held to announce or start selling a new product or service to the public - การเริ่มปฏิบัติการ, การออกตัวของสินค้า, การเริ่มวางขาย
  • launch: an event held to start selling a new product or service to the public - การเริ่มวางขาย
  • linking: connecting - เชื่อมต่อ เชื่อมโยง
  • malfunction: a failure to work or operate correctly   - ทำงานผิดปกติ
  • money transfer: sending money from one place to another place -
  • national (adjective): for the whole country - แห่งชาติ, ของชาติ
  • official: done by people in authority or decided by the government; announced publicly - เป็นทางการ
  • peak (adj): the time when something is at its highest or greatest level - ช่วงเวลาที่หนาแน่น, ช่วงเวลาที่พบมากที่สุด
  • proven: when facts, evidence, etc. show that something is true - พิสูจน์
  • quarter (noun): three months of the year on the official calendar of the government or companies - ไตรมาส
  • reduce: to make something smaller or less in amount, size, importance etc - ลดลง
  • registered (adj): to be on an official list; to be on an official list of names of people who are allowed to do something, e.g., vote, study, sell something, stay in a hotel etc - ซึ่งลงทะเบียนไว้
  • request: an act of asking for something in a formal or polite way - การขอร้อง
  • security: protection; systems providing for safety from attack, harm, or damage - ระบบรักษาความปลอดภัย
  • success (noun): achieving the goals you wanted to achieve or made a lot of money - มีผลสำเร็จ, ประสบผลสำเร็จ, ประสบชัยชนะ
  • survey: to ask a large number of people questions to find out their opinions - สำรวจ
  • target: a particular number or amount that you want to achieve - เป้าหมาย
  • transaction: a business dealing - การติดต่อทางธุรกิจ
  • transfer: to officially arrange for someone else to be the owner of something - โอน
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