Registration for legal entities to apply for PromptPay services

The Bank of Thailand has instructed all commercial banks and state-owned banks to be prepared to accept registration by legal entities for PromptPay services beginning next week.

The registration is meant to pave the way for the launch of B to B money transfers on March 1 and the launch of P to P electronic money transfers on March 27, said Ms Sirithida Panomwan na Ayudhya, assistant governor for money transfer system and financial technology, on Friday.

The central bank has instructed commercial and state-run banks to tighten up the screening of legal entities applying for registration to make sure that the registration is safe, accurate and credible to reduce risk for financial institutes in providing PromptPay services.

PromptPay’s consumer-to-consumer (C2C) electronic money transfer service under the national e-payment scheme kicked off on Friday after the postponement of the launch date scheduled in October last year.

The postponement was mainly due to technical problem stemming from difference in the systems between local banks and the UK-based payment infrastructure operator VocaLink, the company hired to develop PromptPay.

Under PromptPay, all transactions up to 5,000 baht are free; 5,000-30,000 baht transfers are charged two baht; 30,000-100,000 baht transfers are charged five baht; and transfers exceeding 100,000 baht are charged no more than 10 baht.

Source: Thai Public Broadcasting Service (Thai PBS)

Post Author: tmadmin