Quick response (QR) code payment system revealed

Quick response (QR) code payment system revealed

Motorcycle taxi drivers in the Phahon Yothin area are among the first to join in Siam Commercial Bank's QR code payment service.  WEERAWONG WONGPREEDEE
Motorcycle taxi drivers in the Phahon Yothin area are among the first to join in Siam Commercial Bank's QR code payment service.  WEERAWONG WONGPREEDEE

By the fourth quarter of this year, consumers will be able to use standardised quick response (QR) code payment on their smartphones to pay for purchases at shops, street vendors and motorcycle taxis.

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Banks team with BOT to offer QR service in Q4

PAWEE SIRIMAI
SOMRUEDI BANCHONGDUANG

Consumers will be able to use standardised quick response (QR) code payment on their smartphones to pay for purchases at shops, street vendors and motorcycle taxis starting in the fourth quarter of this year.

Yesterday, the Bank of Thailand teamed up with five international payment networks and financial service providers in Thailand to roll out a standardised QR code for payment.

With the single QR code, merchants can display only one QR code to collect payment. Given the convenience, digital payment is expected to gain a strong footing and hasten the electronic payment era in Thailand.

Thanks to the national e-payment initiative, digital payments have grown at a faster pace and played a greater role in daily purchases in recent years.

QR code payment can be used with credit and debit cards, e-wallet and bank savings accounts.

"As the QR code payment service is an innovative service, each operator will have to test their system in the regulatory sandbox before being launched to the public," said Bank of Thailand governor Veerathai Santiprabhob.

Siam Commercial Bank (SCB) and Kasikornbank (KBank) are testing out their QR payment systems in the central bank's regulatory sandbox.

"The implementation of standardised QR code payment will depend on the readiness of each operator. The system is expected to have a public launch in the fourth quarter this year," he said.

Mr Veerathai said another six commercial banks are in the process of submitting applications to test their QR code payment systems in the sandbox. These banks include state-owned Government Savings Bank, Thanachart Bank, Bank of Ayudhya, Bangkok Bank (BBL) and Krungthai Bank (KTB).

The sandbox tests will focus on the accuracy of transactions, security of the system and customer protection to ensure reliability when it is commercially launched, he said.

QR code payment systems are safer to use as customers don't need to give a credit or debit card to the merchant, said Mr Veerathai.

"Businesses could also use information from such payments to apply for loans, following the information-based lending that has been adopted in many countries," he said.

Many banks are eagerly testing their QR code payment in a closed-loop basis at specific places, and they have different choices for payments: pay now with debit, pre-pay with a prepaid system, or pay later with credit cards.

Arak Sutiwong, SCB's senior executive vice-president, said the bank is testing QR code payment in the sandbox at several locations, particularly Chatuchak weekend market. Chatuchak market is a comprehensive ecosystem for digital payment as it is a high-traffic area for both users and merchants, covering street vendors, merchants and small and medium-sized enterprises.

SCB targets a 20-25% market share in QR code payment in terms of users, merchants, transactions and volume.

The bank's PromptPay individual customers number 4 million and it wants to reach 6 million by year-end.

Supaneewan Chutrakul, KBank's first senior vice-president, said the bank aims for 200,000 merchants to accept the bank's QR code payment in its first phase. Some 2,000 merchants are joining a trial of the bank's innovative payment service.

Prassanee Ouiyamaphan, executive vice-president of BBL, said the bank will offer a single QR code to both users and merchants. It expects to enter the central bank's regulatory sandbox next month and roll out digital payment in the fourth quarter this year.

KTB president Payong Srivanich said the bank's digital payment platform including QR code technology will serve both its existing clients and underserved people, in line with government policy. KTB plans to issue 11.7 million smart cards for the government's welfare scheme.

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Vocabulary

  • accuracy: the state of being exact or correct; the ability to do something skilfully without making mistakes - ความแม่นยำ
  • adopt: to accept or to start using something new - นำมาใช้
  • aim: to have as your purpose or goal - มีเป้าหมาย มีจุดมุ่งหมาย
  • application (noun): a formal request for permission to do or have something; a piece of paper used to apply for something - การสมัคร, การขอ, ใบสมัคร
  • basis (noun): the idea or system that something is "based" on - พื้นฐาน,รากฐาน,หลักสำคัญ
  • clients (noun): customers or people who receives services - ลูกค้า
  • closed-loop (adj): of an automatic control system in which an operation, process, or mechanism is regulated by feedback. -
  • code: a system of words, letters, numbers or symbols that represent a message or record information - รหัส
  • commercial bank (noun): a bank with branches in many different places, that provides a range of services, especially related to bank accounts, loans and saving money, for people and businesses; the kind of bank that most people use - ธนาคารพาณิชย์, สถาบันการเงินที่มุ่งเน้นการรับฝากเงิน
  • commercially: for business purposes - สำหรับการค้า
  • comprehensive: complete and including everything that is necessary - ที่ครอบคลุม
  • consumer: someone who buys and uses goods and services - ผู้บริโภค
  • convenience: something that is useful and can make things easier or quicker to do, or more comfortable - ความสะดวก
  • debit card (noun): a plastic card that can be used to take money directly from your bank account - บัตรเดบิต, บัตรatm
  • depend on: to rely on - พึ่งพา  
  • display: to put something in a particular place so that people can see it easily - โชว์, แสดง
  • eagerly: wanting very much to do or have something - กระตือรือร้น
  • ecosystem (noun): all the different activities, companies, systems etc that are involved in a particular area of business, especially new technology - ระบบนิเวศ
  • ensure: to make certain that something happens or is done - ให้การยืนยัน, รับรอง, ให้ความมั่นใจ
  • era: a period of time that has a particular quality or character - ยุค, สมัย
  • executive: a senior manager in a business or other organisation - ผู้บริหาร
  • existing (adj): present now; in use now; used now - ที่มีอยู่
  • financial: involving money - เกี่ยวกับเงิน, ทางการเงิน
  • focus: to give attention, effort, etc. to one particular subject, situation or person rather than another - เพ่งความสนใจ
  • footing: basis; foundation; the idea or system that something is "based" on - พื้นฐาน,รากฐาน,หลักสำคัญ
  • governor: a person who is chosen to be in charge of the government of a state or province or a government agency - ผู้ว่าการรัฐ, ผู้ว่าราชการจังหวัด
  • hasten: to make something happen sooner or more quickly - เร่งมือ
  • implementation: the process of making something such as a plan, system, idea or law start to work and be used - การบังคับใช้ (กฎหมาย)
  • in line with: following a rule or system; also in accordance with and consistent with - สอดคล้องกับ
  • in the process of: currently working on .... -
  • initiative: a new action or movement, often intended to solve a problem - ความคิดริเริ่ม
  • innovative: using new methods or ideas - เกี่ยวกับการปรับปรุงใหม่, ที่เต็มไปด้วยจิตใจปฏิรูปใหม่
  • issue: to officially give out - ออก
  • launch (verb): to start something - เริ่มต้น, เปิดโครงการ, เริ่มทำ
  • lending: giving money to someone who agrees to pay it back in the future - การให้ยืม
  • loan: an amount of money that a person, business, or country borrows, especially from a bank - เงินกู้
  • market share (noun): the percentage of sales that a company has in a market or industry compared to total sales - เปอร์เซ็นต์การขายสินค้า, ส่วนแบ่งตลาด
  • merchant: a person or business that buys and sells goods, especially one that trades with other countries - พ่อค้า, ผู้จำหน่าย, คนขาย
  • network: telecommunications network, a telephone or cable TV network -
  • operator (noun): a person or company that runs a business - ผู้ดำเนินกิจการทางธุรกิจ, ผู้ประกอบธุรกิจ
  • pace: the speed at which something happens or is done - อัตรา
  • phase: a particular period of time during the development of something - ตอน, ขั้นตอน, ช่วง, ระยะ
  • platform (noun): a type of media or way of distributing information , e.g., websites, newspapers, magazines, video, etc. -
  • policy (noun): a set of plans or action agreed on by a government, political party, business, or other group - นโยบาย
  • protection: the act of protecting somebody/something; the state of being protected - การอารักขา, การปกป้อง
  • provider (noun): a person/company who gives or supplies something - ผู้ให้
  • public: open to people in general - สาธารณะ
  • purchase: something that has been bought - ของที่ซื้อมา
  • quarter (noun): three months of the year on the official calendar of the government or companies - ไตรมาส
  • readiness: a state of being ready and able to deal with what might or will happen - ความพร้อม
  • regulatory sandbox (noun): a set of rules that allows developers to test their products/business models without following some or all the normal legal regulations -
  • reliability: the condition of being accurate and able to trusted; in statistics, the degree to which the measure is consistent, that is, repeated measurements would give the same result.— - ความน่าเชื่อถือ
  • role: the position or purpose that someone or something has in a situation, organisation, society or relationship - บทบาท
  • roll out (verb): to introduce something new; to introduce a new product or service; launch - เปิดตัว, เริ่มนำ
  • scheme: a plan that is developed by a government or large organisation in order to provide a particular service for people - แผนการ โครงการ
  • security: protection; safety from attack, harm, or damage - ความมั่นคง, ระบบรักษาความปลอดภั, ความปลอดภัย
  • senior: with a high rank or position - อาวุโส
  • small and medium-sized enterprise (noun): SME, a company with less than 500 workers (in some countries the number is less) - ธุรกิจขนาดกลางและขนาดย่อม
  • specific: involving or relating to only one particular thing or type of thing - เฉพาะเจาะจง, โดยเฉพาะ
  • standardise: to make objects or activities of the same type have the same features or qualities; to make something standard - วางมาตรฐาน, ปรับเข้ามาตรฐาน
  • state: government - รัฐบาล
  • submit: to formally give something to someone so that can make a decision about it - ยื่น (เอกสาร) เพื่อการพิจารณา
  • system (noun): a particular way of doing something; an organised set of ideas or theories - ระบบ, หลักการ
  • target: to try to get a particular number or amount - ตั้งเป้าหมาย
  • teamed up with (verb): worked together with, cooperated with - ร่วมมือกับ
  • thanks to: because of - ด้วยเหตุ, เพราะ
  • the public: people in general - ประชาชน, สาธารณชน, มหาชน
  • transactions (noun): the action or process of buying or selling things - การค้า, การติดต่อทางธุรกิจ
  • trial: a test, usually over a limited period of time, to discover how effective or suitable something or someone is - การทดลอง, การทดสอบ
  • vendors: people who sell things, e.g., food or newspapers, usually outside on the street - พ่อค้าแม่่ค้าหาบแร่แผงลอย
  • volume (noun): an amount of something - ปริมาณ
  • welfare: help given, especially by the state or an organization, to people who need it; good care and living conditions - สวัสดิการ
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