Five banks given nod to offer QR code payment services via PromptPay
The Bank of Thailand has permitted five financial institutions, which have met all the criteria required for providing QR code payment services through the PromptPay system, to exit the regulatory sandbox and offer such services to the general public.
The five banks are Kasikornbank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank, and the Government Saving Bank.
The crucial criteria they have met are the readiness and robustness of their IT system, risk management, consumer protection, security, and related operations in their branches and call centres, aiming to serve consumers continuously and efficiently, Siritida Panomwon Na Ayudhya, assistant governor for the central bank’s Payment Systems Policy and Financial Technology Group, said on Monday.
The QR code payment services of the five banks have been developed on the PromptPay system, where customers can use the banks’ mobile applications to scan traders’ standard QR code in order to make their payments promptly.
QR code payment is suitable for merchants having basic payment transactions, such as food stalls, small and medium-sized shops, fresh markets, as well as taxi and motorcycle taxi service providers.
In the near future, QR code payment services will be enhanced to support more sources of funds, such as credit cards, and to facilitate innovative financial services, Siritida said.
