BBL to debut QR code payments for e-wallets
Service being tested in regulatory sandbox
Bangkok Bank (BBL), the country’s largest lender by assets, is set to roll out cardless QR code technology on an e-wallet platform for users to make payments Thailand and abroad after the service exits the Bank of Thailand’s regulatory sandbox, which is expected to happen next month.
The bank is testing out e-wallet top-ups via both credit and debit cards through QR code payment in the central bank’s regulatory sandbox.
The cardless QR code payment will be offered on the e-wallet app, BeWallet, under a collaboration with Thai Payment Network (TPN) and China-based UnionPay, said Shoke Na Ranong, executive vice-president and card division manager of BBL.
Given the partnership with UnionPay, BeWallet payment will be available in China, Hong Kong, Macau and Singapore, in addition to Thailand.
BBL’s debit cards number around 15 million, of which 5 million are TPN cards.
The new service will help build an openloop QR code-based payment.
He said plastic cards and digital payment use has been growing, though users are distributed across different segments.
A key objective of digital payments is to replace cash, while credit card’s feature is buy now, pay later and cardholders enjoy some privileges such as discounts and reward redemption.
BBL saw electronic payment transactions this quarter double from the previous three months, with 90% of transactions from mobile banking.
Users of the bank’s mobile banking app, Bualuang mBanking, total 6 million, and BBL aims for 8 million by year-end, he said.
In a related development, Mr Shoke said the bank plans to increase the number of electronic data capture (EDC) terminals from 150,000. EDC expansion would cover both large shopping malls under partnership and retail shops.
As most of the bank’s merchants who adopt EDC terminals also offer QR code payment through their accounts with BBL, he said the number of merchant-presented QR codes will be raised by 60,000 from 75,000.
The bank, in cooperation with Tesco Lotus, yesterday launched QR code payment at the bank’s EDC terminals installed at 10,000 Tesco Lotus cashier points nationwide. Electronic payment is also enabled for retail shops in Tesco Lotus compounds.
Even though cash payment still dominates 80% of total spending at Tesco, digital payment is on the rise.
However, Tesco cannot forecast digital payment ratio in the near future as it depends on consumers’ lifestyle, said Salinla Seehaphan, corporate affairs director at Tesco.
As of March, Thailand’s mobile banking users were around 34.5 million, rising 44.4% year-on-year, with total mobile banking transactions of 179 million or 126% growth.
Mobile banking transaction volume was 1.16 trillion baht, growing 77.7% over the same period a year earlier.