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PromptPay is a real-time payment service in Thailand. It allows users to transfer money through digital banking channels using identifiers such as a mobile phone number, citizen identification number, or bank account number instead of only using traditional bank account details.[1]
The service was launched in 2016 as part of Thailand's payment system infrastructure.[1] Public use began in 2017, when Thailand introduced the service as a lower-cost electronic interbank transfer system.[2] The World Bank described PromptPay as Thailand's fast payment system, with National ITMX operating the service and the Bank of Thailand acting as overseer and supervisor.[3]
PromptPay is used for person-to-person transfers, government payments, and merchant payments through QR codes. It is supported by participating banks and financial institutions in Thailand.[1] In 2017, Bangkok Post reported that the service had reached 48 billion baht in accumulated transaction value, based on Bank of Thailand data.[4]
Cross-border payments
editPromptPay has been linked with payment systems in other countries. In April 2021, the Monetary Authority of Singapore and the Bank of Thailand launched a linkage between Singapore's PayNow and Thailand's PromptPay, allowing real-time cross-border transfers between the two countries.[5]
The Bank of Thailand has also listed PromptPay under its cross-border payment linkages, including QR payment links for travellers and merchants.[6]
See also
editReferences
edit- 1 2 3 "PromptPay". Bank of Thailand. Retrieved 14 May 2026.
- ↑ "Cheap money transfer system to boost cashless transactions in Thailand". The Straits Times. 19 March 2017. Retrieved 14 May 2026.
- ↑ Case Study: Thailand (PDF) (Report). World Bank. Retrieved 14 May 2026.
- ↑ "PromptPay 'a big success'". Bangkok Post. 1 June 2017. Retrieved 14 May 2026.
- ↑ "Singapore and Thailand Launch World's First Linkage of Real-time Payment Systems". Monetary Authority of Singapore. 29 April 2021. Retrieved 14 May 2026.
- ↑ "Cross-border Payment Linkages". Bank of Thailand. Retrieved 14 May 2026.