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Bank of Thailand Focuses on Expanding Digital Payment Services

The Bank of Thailand is actively expanding the digital payments ecosystem to enhance accessibility for both Thai citizens and foreigners, as stated by an official at the institution.

Here are the key points:

  • The BOT is engaging in collaborations with various countries, including China, to establish partnerships centered around QR code payment systems.
  • Thailand’s PromptPay system is already operational in several countries such as Cambodia, Hong Kong, Indonesia, Japan, Malaysia, Laos, Singapore, and Vietnam.
  • The projected global transaction value in the digital payments market within the SEA region is expected to hit US$287.20 billion this year.
  • Pariwat Kanithasen, the BOT deputy director of payments and fintech department, emphasized the expansion of Thailand’s digital payment ecosystem during the “Cross-Border Payment, Now and Beyond” seminar at the 24th Money Expo Bangkok 2024.

Thailand’s PromptPay facilitates mobile banking and payments, enabling users to transfer money using their mobile phone number or National ID number. Launched in 2017, PromptPay has gained popularity within Thailand and neighboring countries, promoting financial inclusion and streamlining cross-border transactions and e-commerce activities.

The Bank of Thailand is working with other regions to establish QR code-based payment links, allowing tourists and residents to scan QR codes and make payments directly at cross-border merchants. Discussions are underway with China to expand the reach of cross-border digital payments.

The Southeast Asia (SEA) region stands at the forefront of the digital payments industry with significant growth. The projected transaction value by the end of the year is substantial, indicating a strong annual growth rate and a promising future for digital payment systems.

Virtual wallets, particularly mobile wallets, have become pivotal in the digital payment landscape, offering convenience and security for users seeking online and in-store payment solutions. Additionally, virtual credit cards like PayWithus are gaining momentum, providing efficient payment options that integrate various methods such as cryptocurrencies.

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