Tuesday, December 10, 2019

Central bank launches quicker, safer QR-payment system

Jul 19. 2019
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By Wichit Chaitrong
The Nation

2,114 Viewed

The Bank of Thailand, with some commercial banks, has launched a new version of QR code-payment, saying this will be more convenient and offer better security for both consumers and businesses.

The new QR payment system, “MyPromptQR”, will make it easier, quicker and safer to make payments via the mobile phone compared to the current QR-payment system, said Ronadol Numnonda, the central bank’s deputy governor responsible for the stability of financial institutions. 

He was speaking at the launch of the “New Chapter of QR Payment: MyPromptQR”, held at the two-day Fintech fair “Collaboration for the Future of Finance” in Bangkok. 

The current QR payment system requires consumers to key in the sum of money they will pay and use their mobile phone to scan the merchant’s QR code. Under the new system, consumers only have to get the merchant to scan the QR code embedded in their mobile phone and the payment is made. 

Consumers who have their QR code linked to their bank account will no longer have to make cash transactions when they go shopping at malls, convenience stores and other retail outlets. 

This system will also make cross-border payments easier, especially in the Asean region, bank executives said. 

Five banks and some retailers are expected to launch this service in the fourth quarter of this year, before four more banks follow suit early next year. 

Ronadol also said the new system meets the international ISO20022 standards. 

“It is more secure because you no longer have to give cashiers your debit or credit card,” said Yos Kimsawatdee, head of the payment systems office at the Thai Bankers’ Association. 

Central Department Store and the Mall Group have decided to adopt the new QR-code system.

Some 5 million retailers currently use the old QR system, which generates transactions worth up to Bt10 billion per month. The central bank hopes that more and more consumers and businesses will adopt this cashless payment system once the “MyPromptQR” system is introduced.

 

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