KBank views positive signs for PromptPay usage surge
Kasikornbank (KBank) this year aims to raise PromptPay money transfers through its savings accounts to 200,000 a day.
The country’s fourth largest bank by assets has seen PromptPay’s transactions through its savings accounts surge rapidly to 23,500 a day from 10,000 since February, said vice-president Patchara Samalapa.
The electronic funds transfer service was rolled out on Jan 27 under the government’s national e-payment scheme.
The rapid growth of the digital payment channel will help the bank achieve its ambitious growth target, he said.
K-mobile banking users account for a large portion of PromptPay users who link their KBanks savings accounts with the service.
Some 5.5 million mobile phone numbers out of the country’s 90 million-plus total have been linked with savings accounts for PromptPay’s service, with 90% of those connected mobiles being smartphones.
Mass customers, those earning no more than 15,000 baht a month, account for 30% of KBank’s PromptPay users, followed by middle-income earners at 23%.
The bank also aims for the number of its PromptPay’s registered numbers to reach 5 million by year-end, up from 3 million at present, he said.
Mr Patchara said it will take time to encourage consumers to use PromptPay’s services, but it has greater opportunities to expand both the number of users and transactions, given its convenience, security and lower charges when compared with individual banks’ electronic channels.
“We acknowledge that PromptPay consumer-to-consumer transactions remain low after officially being launched on Jan 27, so it should take time for consumers to be familiar with the service. The bank has spent five years working on K-mobile banking,” he said.
PromptPay will need less time than K-mobile banking to garner consumer awareness as it is part of the government’s national e-payment scheme and has seen collaboration from several related-parties, said Mr Patchara.
KBANK shares closed yesterday on the Stock Exchange of Thailand at 191 baht, up 50 satang, in trade worth 695 million baht.