Nod for QR code pay­ment

The Myanmar Times - - Business -

THE Bank of Thai­land has given the green light for the first five banks’ quick re­sponse (QR) code pay­ment ser­vices to exit its sand­box, en­abling them to com­mer­cially roll out the much-touted sys­tem that scans a bar code on smart­phones.

The five banks -- Kasiko­rn­bank, Siam Com­mer­cial Bank, Krungthai Bank, Bangkok Bank and Govern­ment Sav­ings Bank -- met all the cri­te­ria to pro­vide Promp­tPay-based QR code pay­ment ser­vices.

“The im­por­tant cri­te­ria are readi­ness and ro­bust­ness of the IT sys­tem, risk man­age­ment, con­sumer pro­tec­tion, se­cu­rity, as well as re­lated op­er­a­tions at their branches and call cen­tres, with an aim to serve con­sumers con­tin­u­ously and ef­fi­ciently,” said Sir­i­tida Panom­won Na Ayud­hya, the cen­tral bank’s deputy gov­er­nor for pay­ment sys­tem pol­icy and fi­nan­cial tech­nol­ogy group.

Three other banks -- Thanachart Bank, Bank of Ayud­hya and TMB Bank -- still have their QR code pay­ment in the reg­u­la­tory sand­box.

“The three other banks are mak­ing good progress,” she said.

The Promp­tPay sys­tem al­lows cus­tomers to use banks’ mo­bile ap­pli­ca­tions to scan the mer­chant’s QR code to make pay­ments.

Promp­tPay, a money trans­fer ser­vice un­der the na­tional e-pay­ment ini­tia­tive, al­lows QR code pay­ment to ven­dors’ ac­counts opened at any bank with­out a trans­fer fee for the first 5,000 baht, or with­out a limit for some banks.

“In the near fu­ture, QR code pay­ment ser­vices will be en­hanced to sup­port more as­set sources, such as credit cards, and to fa­cil­i­tate in­no­va­tive fi­nan­cial ser­vices,” said Ms Sir­i­tida. She said e-pay­ment is faster, eas­ier and has lower costs for mer­chants.

QR code pay­ment is suit­able for mer­chants with ba­sic pay­ment trans­ac­tions such as food stalls, small and medium-sized shops, fresh mar­kets, and taxis and mo­tor­cy­cle taxis, said Ms Sir­i­tida.

She said as the QR codes that will be used are stan­dard­ised and they can be used to re­ceive money from var­i­ous fund­ing sources.

Mer­chants can ob­tain QR codes to re­ceive pay­ment from these five ap­proved banks while cus­tomers who would like to make pay­ments can down­load mo­bile ap­pli­ca­tions and study ser­vice in­struc­tions from their providers, said Ms Sir­i­tida.

QR code pay­ment will be a key chan­nel trans­form­ing the coun­try from cash-based pay­ments to a cash­less so­ci­ety, she said.

Ex­pan­sion of elec­tronic data cap­ture (EDC) ter­mi­nals, a sep­a­rate project un­der the na­tional e-pay­ment scheme, has made progress as in­stalled card-swip­ing ma­chines have in­creased to 430,000 lo­ca­tions from 150,000 when the project was im­ple­mented in May.

Visa In­ter­na­tional Thai­land an­nounced Mon­day that it ob­tained a do­mes­tic set­tle­ment net­work li­cence from the cen­tral bank for debit card trans­ac­tions in Thai­land.

Visa, in col­lab­o­ra­tion with Na­tional In­ter­bank Trans­ac­tion Man­age­ment and Ex­change, pro­vides banks and mer­chants a debit card pay­ment sys­tem through a lo­cal card scheme.

There are 50.2 mil­lion debit cards in Thai­land, of which 38 mil­lion are branded with Visa. “The na­tional epay­ment scheme con­trib­utes new busi­ness ar­eas and new mar­kets, par­tic­u­larly small mer­chants, pro­vin­cial shops and users, and smaller-ticket spenders,” said Suripong Tan­tiyanon, coun­try man­ager of Visa Thai­land.

Visa Thai­land has some 150,000 mer­chant mem­bers with nine bank part­ners. It plans to pro­vide more ben­e­fits for debit card spend­ing to mo­ti­vate more mer­chants to sign on, to spur spend­ing vol­ume, and to boost trans­ac­tions.

Also Mon­day, Krungthai Card (KTC) an­nounced it is en­ter­ing the Bank of Thai­land’s reg­u­la­tory sand­box for credit card-based QR code pay­ment, emerg­ing as the coun­try’s first credit card is­suer in that realm.

The sand­box al­lows test­ing of in­no­va­tive pay­ments at four lo­ca­tions and the com­pany ex­pects to exit from the ex­per­i­men­tal process in Jan­uary next year. –

Photo: Bangkok Post

The Bank of Thai­land has given the green light for the first five banks’ quick re­sponse (QR) code pay­ment ser­vices to exit its sand­box.

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