PromptPay code agreed
The Bank of Thailand and the Thai Bankers' Association (TBA) have agreed to adopt a standardised quick response (QR) code for PromptPay, a move that will allow consumers to use a single QR code in making payments through every local bank network.
The standardised QR code is expected to be rolled out by the end of this year.
Online debits will be the first PromptPay function that will use the standardised QR code, said Yos Kimsawate, head of the TBA's payment system office. The service will facilitate payments for both consumers and merchants, even for small-ticket items.
Regarding concerns about which bank will take responsibility if there are payment glitches under the standardised QR code system, he said the TBA is setting up a third-party committee to handle the issue.
"Having a standardised QR code is more convenient than each bank using its own QR code," Mr Yos said.
Implementation of the code for PromptPay is expected in the third quarter this year, but the official launch is slated for the fourth quarter because the TBA wants more time for testing.
Extending standardised QR code payment service to credit cards, PromptCard and card reward point redemption will be the next phases.
But merchant fee charges for such services will likely be higher, Mr Yos said.
PromptCard is a payment platform that uses networks provided by National Interbank Transaction Management and Exchange (National ITMX), a local payment network service provider.
Kasikornbank (KBank) and Bank of Ayudhya (BAY) are developing QR code payments through an electronic wallet service. KBank and BAY are testing the services, named K+ Wallet and Di Wallet respectively, on a closed-loop basis in the regulatory sandbox.
The Bank of Thailand announced a QR code standard for non-card payments in March.
Earlier, the central bank prompted three international payment network providers -- MasterCard, Visa and UnionPay -- to adopt a standardised QR code for card payments.
The three payment networks are scheduled to launch standardised QR code payments in the Thai market in the third quarter this year.