Bank of Thailand (BOT) has allowed five financial institutions to exit from the regulatory ‘sandbox’ and offer QR code payment services to the general public.
The five financial institutions which have met the standards to provide QR code payment services through PromptPay system are Kasikorn Bank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank, and Government Saving Bank.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe payment service allows customers to use the mobile apps of the participating banks to scan the merchant’s standard QR code to make their payments.
BOT, financial institutions, non-bank payment service providers, and international card schemes have jointly developed the Thai QR code standard for e-payment, which complies with the international standard.
“The important criteria are readiness and robustness of the IT system, risk management, consumer protection, security, as well as related operations at their branches and call centres, with an aim to serve consumers continuously and efficiently,” the bank said in its press release.
The merchants who would like to have QR Code for receiving payments need to contact the permitted banks while the customers can pay via banks mobile apps.
The bank said that apart from the five permitted banks, other banks are also testing QR code payments service.
