PromptPay on track for 30m users this year

Economy May 03, 2017 01:00

By JIRAPAN BOONNOON
THE NATION

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THIRTY MILLION people are expected to sign up for the PromptPay money-transfer service by the end of this year. The projection coincides with findings that the number of users of mobile-banking services reached 21 million last year.



Veerathai Santiprabhob, governor of the Bank of Thailand, said the field for mobile banking transactions had high growth potential. With 21 million people using mobile banking services by the end of last year, that represents a jump of 50 per cent from 2015. 

Registrations for the PromptPay electronic transfer service stand at 27 million.

In an effort to boost consumer confidence in electronic payment methods, Veerathai said the BOT had signed an agreement with the Thai Bankers Association (TBA), the National Broadcasting and Telecommunications Commission and the Telecommunications Association of Thailand (TCT) that allows telecom operators and banks to exchange information on mobile-phone users who register at their telecom provider for the payment services. 

The banks will able to check the accounts of PromptPay users in the same database, with the aim of giving customers greater confidence in the security of mobile-based payments.

Steps have also been taken to make it easier for customers to update the status of their PromptPay ID and phone numbers. The cooperation between the companies means that the phone companies can send account information of customers to the banks after they have cancelled their phone numbers. The banks can then cancel the linked PromptPay account within a day.

Veerathai said the arrangements would reduce risk and that he expected systems for the exchange of customer information between the banks and phone companies would be set up in the fourth quarter of this year. These streamlined procedures will help drive growth in the digital economy, he said.

Preedee Daochai, chairman of the TBA, hailed the forecast of 30 million registrations for PromptPay by the end of the year, adding that the agreement between the banks and the mobile operators will provide convenience and security.

Suphachai Chearavanont, president of the TCT, shared the view that the agreement would reduce risk|in payment transfers and spur an |even broader take-up of the national e-payment scheme.