New e-payment system set to slash bank transfer fees in Thailand
COMMERCIAL and state-run banks in Thailand will be rolling out a national e-payment scheme called PromptPay that would waive some transaction fees, aimed at getting the public to go cashless.
PromptPay was initiated by the Thai Bankers’ Association and the Bank of Thailand, with 15 commercial banks and four state-run banks allowing people to register with the service from July 15.
The service operates online and via mobile banking. Registered users can transfer between 5,000 and 30,000 baht for a fee not exceeding two baht, 30,000 and 100,000 baht for no more than five baht, and over 100,000 baht for a maximum fee of 10 baht.
The new fees are far smaller than what bank customers currently pay, and unlike the current bank transfer system, PromptPay will not charge customers for transferring money to different banks or to the same bank in a cross-clearing zone, said the Bank of Thailand’s deputy governor Tongurai Limpiti.
According to the Bangkok Post, regular interbank transfers can be charged 25 baht per transaction of up to 10,000 baht, a fee that goes up by 10 baht for a transfer between 10,000 and 50,000 baht.
However, fees will be applied for payment of bills and request-to-pay services during the second phase of PromptPay, which is due to be rolled out in December.
The system requires citizens to register their ID card and mobile phone numbers to link with their bank accounts in order to make the transactions easily.
Adviser to the Finance Ministry’s National e-Payment project, Anuchit Anuchitanukul, said the service will help prevent financial corruption once the nation goes entirely cashless, as individuals carrying large amounts of cash for deposits or payments will be regarded as suspicious, reports the Nation Multimedia.
- Five Cool Gadgets Announced at MWC 2024
- OpenAI faces New York Times hacking allegations while exploring deals with Tumblr
- Improving efficiency and customer experience: The role of AI and cloud phone systems in today’s business landscape
- Is the LockBit ransomware group back?
- Qualcomm Technologies unveils AI innovations at MWC Barcelona