New rules needed to get e-payment

Speaking at a seminar titled “Open Financial Market: Can Thailand Compete?” held by National ITMX, an electronic commerce and payment provider, Anuchit Anuchitanukul, senior executive vice president of Krung Thai Bank, noted that the current e-payment systems served only locals, unlike foreign banks, because of the regulations and business logistics.
“We still see messengers riding motorcycles to collect cheques and invoices instead of using electronic payment systems,” he said. “This indicates that the payment system in Thailand will not be ready once the AEC arrives.”
He said Thai banks should make their payment services available to skilled labourers who move to Asean countries, otherwise they might lose clients.
“We must question whether our customers still use Thai banks as their main banks or use foreign banks, because the payment system is important for their careers when they are abroad,” he said.
Worrakrit Jaruwongpak, executive vice president of Bank of Ayudhya, said regulators and banks should set up a joint committee to implement a workable platform. Representatives from commercial banks and regulators would help banks gain benefits and reduce risks, he said.
Songpol Chevapanyaroj, executive vice president of Kasikornbank, said commercial banks, state enterprises and regulators should work together to set up an e-payment plan in order to look after customers, who are banks’ final stakeholders.
Ed Sirivallop, head of supply-chain product and sales management at TMB Bank, said Thai banks needed support from regulators to ensure they are on the right track.
The regulators should provide sufficient time for banks to adapt to additional competition and enforce conformity to international standards such as a national single window. They should promote accounting transparency, eliminate unnecessary clearing fees, and promote direct debits, he said.
He said providing different services would help Thai banks compete with foreign banks in the Asean arena.