What is PromptPay? PromptPay Review, Features

PromptPay (Prompt Pay) is a mobile P2P service developed by the Bank of Thailand and the Thai Bankers Association.

About PromptPay

• PromptPay is part of Thailand’s e-payment initiative, which aims to move the country toward a cashless society in line with the government’s Thailand 4.0 model.

• PromptPay encourages commercial banks to waive transaction fees on digital channels in order to retain their existing customer base and attract new customers.

• Customers can use three electronic channels to easily transfer funds to the recipient's mobile number or citizen ID account, or the tax number of the company/supplier previously registered with PromptPay. Even if you are not registered, you can use PromptPay to transfer money. Just enter the recipient's mobile number or citizen ID number instead of the bank account number.

Transfer Fees

• The latest regulation on enterprise-level PromptPay electronic transfer fees is that if the amount is less than 100,000 baht, the fee for each transaction shall not exceed 10 baht. If the amount exceeds 100,000 baht, the maximum fee that can be charged per transaction is 15 baht.

• If it is an ordinary individual to corporate electronic transfer, it will be handled in accordance with the regulations for ordinary individual electronic transfers, that is, no handling fee for a single transfer of less than 5,000 baht. A maximum of 2 baht per transfer can be charged for a transfer amount of 5,000-30,000 baht; a maximum of 5 baht per transfer can be charged for a transfer amount of 30,001-100,000 baht, and a maximum of 10 baht for a transfer amount of more than 100,000 baht.

• Whether it is an individual or a business, as long as the bank account and the 13-digit tax number are linked, they can enjoy the new transfer fee regulations.

Development History

-In 2016, 15 commercial banks and 4 financial institutions have cooperated with PromptPay.

-On January 27, 2017, PromptPay was launched nationwide, marking the first step in the implementation of the National e-Payment program, which will be expanded to other areas in the future.

-According to statistics as of September 12, 2018, the number of transactions completed through PromptPay was 631 million, with a total transaction amount of 3.1 trillion baht.