Cross-bank bill payments are now in service

Begining today (Nov 18), cross-bank bill payments through the “PromptPay” service with low fee of just 5 baht per transaction will be allowed for commercial banks to facilitate their customers for online purchases and at ATMs.

Bank of Thailand’s deputy governor for Payment Systems Policy and Financial Technology Group Siritida Panomwon Na Ayudhya said yesterday (Nov 17) that the new service will provide greater convenience with regards to bank transactions such as bill payments while service charge will be very low at just 5 baht for each transaction.

The cross-bank bill payment service allows customers to pay bills through PromptPay to any bank with which service providers have an account.

She said customers will be able to carry out cross-bank transactions with 10 local banks joining in the program.

The service fee is much lower than regular transactions done over regular bank counters which charge 10-20 baht/transaction while donations made through the PromptPay will not be charged.

The 10 banks that have joined the program are: Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Kiatnakin Bank, Siam Commercial Bank, Thanachart Bank, Citibank and Mizuho Bank.

In addition, she said the central bank will also extend the QR code payment service to credit cards in the first quarter of next year.

Customers can scan QR codes for goods and services and simultaneously make payments through five  commercial banks which have launched QR code-based service on PromptPay.

Greater speed and convenience is provided to consumers to make payments for regular goods and services such as restaurants, shops, fresh markets and motorcycle taxis.

At present, there are 36 million registered users for PromptPay and business transactions made through the system are estimated to be worth 200 billion baht cumulatively.

Seventy percent of registrations were made using ID cards while the remaining 30% were done using phone numbers. Corporate entity registrations amount to approximately 50,000 companies. On average, Prompt Pay payments per individual currently account for less than 5,000 baht per transaction.