QR code payment system now approved for five banks

The Bank of Thailand (BOT) has approved five state and commercial banks to use QR code payment system to facilitate customers to use their smartphones to pay instead of carrying cash.

BOT Deputy Governor Ruchukorn Siriyodhin said after chairing the official launch of the QR code payment system that five bank have been given approval to use the system after it has passed management risk test by Thailand Institute of Scientific and Technological Research with regard to security of the system and protection of customers.

She said under the management risk test, the central bank has setup the “Regulatory Sandbox” scheme and invited financial institutions which are ready to join the test.

While Siritida Panomwon Na Ayudhya, BOT Assistant Governor on payment policy systems policy and financial technology group, said 5 out 8 local banks were granted permission for QR code payment system. They are Kasikorn Bank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank and the Government Savings Bank.

The scheme is an extension of the government’s PromptPay scheme launched earlier.

Under the QR code payment system, bank customers will be able to download applications into their phones which will allow them to scan QR Codes at shops. This will allow them to make direct purchases with immediate payments.

Greater convenience will be provided especially at restaurants, medium and small sized shops, fresh markets, taxis and motorcycle taxis. In future, trials will be made to employ QR Codes for other services as well such as credit cards.

Under the plan, consumers will be able to employ code system payment to make faster and safer payments for goods and service. Furthermore trans-bank or inter-bank payments will become more convenient.

Meanwhile KTC, a credit card business of Krungthai Bank announce that it is the first bank granted permission by the Bank of Thailand to trial run QR Code Payments made through their credit cards by using their TapKTC Apps.

KTC credit card holders can begin using this service on Nov 16 and will receive the same credit rates as regular credit card holders.

KTC assured its customers that the system is very secure because user IDs or passwords are required for each and every payment.