Thailand drives PromptPay QR code payments forward
The Bank of Thailand (BOT) is accelerating its efforts to expand the digital payments ecosystem, aiming to make transactions more accessible and convenient for both Thai citizens and foreign visitors. This strategic move aligns with the growing global trend toward digital financial solutions and aims to enhance financial inclusion and cross-border transactions.
A key focus of the BOT‘s initiative is the establishment of partnerships with various countries, including China, to develop interoperable QR code payment systems. This would allow users to seamlessly make payments at merchants across borders by simply scanning QR codes with their mobile devices. Thailand’s PromptPay system, a popular mobile payment platform, is already operational in several countries across Southeast Asia, demonstrating the country’s commitment to regional financial integration.
The potential of the digital payments market in Southeast Asia is immense, with the transaction value projected to reach US$287.20 billion this year. This highlights the region’s rapid adoption of digital payment solutions and the significant opportunities for businesses and consumers alike.
Pariwat Kanithasen, the BOT’s deputy director of payments and fintech department, emphasized the importance of expanding Thailand’s digital payment infrastructure during a recent seminar on cross-border payments. He noted that the widespread use of mobile devices and the increasing availability of affordable internet access have created a fertile ground for the growth of digital financial services.
Thailand’s PromptPay system has been instrumental in driving this growth, enabling users to transfer money using their mobile phone number or National ID number. Launched in 2017, PromptPay has gained immense popularity within Thailand and has facilitated cross-border transactions and e-commerce activities in neighboring countries.
The BOT’s ongoing efforts to establish QR code-based payment links with other regions will further enhance the convenience and accessibility of digital payments for both residents and tourists. This initiative, along with discussions with China to expand cross-border digital payment options, demonstrates Thailand’s ambition to become a regional leader in digital finance.
As the Southeast Asian region continues to embrace digital payment solutions, virtual wallets and virtual credit cards are playing an increasingly important role in the financial landscape. These technologies offer secure and convenient payment options, with features like cryptocurrency integration becoming more prevalent.
The Bank of Thailand’s proactive approach to expanding the digital payments ecosystem is poised to transform the way people transact in Thailand and beyond, fostering financial inclusion, driving economic growth, and solidifying the country’s position as a regional fintech hub.
