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The first phase will begin with the official launch of PromptPay, an e-money transfer service

Thailand is set to launch its own set of national e-payment system which will “will turn smarpthones or tablets into digital wallets,” according to a report by Bangkok Post.

The scheme will begin in October with the launch of an e-money transfer service called PromptPay, or previously known as AnyID, which will be available for customers of all banks in the country.

PromptPay allows customers to transfer money online to “recipients who hold accounts at different banks, or even the same banks in cross-clearing zones, without any charges.”

The transaction will also require only customers’ mobile phone and ID card number in lieu of a bank account number or even bank name.

Customers can start registering for the service in July to 15 commercial banks and four specialised financial institutions, which are the Government Savings Bank, GH Bank, Islamic Bank of Thailand and the Bank for Agriculture and Agricultural Cooperatives.

Some banks, such as Siam Commercial Bank, stated that it will allow account holders who register for the service to make online cash transfers as early as next month.

The registration process will link up citizen’s ID card or mobile phone numbers to the bank accounts.

Also Read: Facebook is testing ‘new’ social commerce payment in Thailand which requires you to transfer money via ATM

The next phase of the scheme will allows e-payment for products and services, personal income tax returns, and subsidies and welfare services. The implementation date of this phase is yet to be announced.

The national e-payment scheme is aimed to “create a cashless society” and eventually support “Thailand’s digital economy policy.”

In April, the Thai government announced a THB20 billion (US$570 million) funding through the Ministry of ICT and Ministry and Finance to build local startup ecosystem.

Investors such as corporations and banks are also starting to look into investing in fintech.

Fintech startups in the country have also recently been asked to register with the country’s central bank as part of an attempt to set up “proper regulatory framework” for the fintech industry.

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Image Credit: Vadim Sherbakov on Unsplash

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