Asia Pacific

Thailand has experienced phenomenal YOY growth of 145%, driven heavily by the Bank of Thailand’s effort to promote financial inclusion, with IP capabilities leveraged to deliver a range of benefits to citizens.

Thailand’s IP system, PromptPay, was launched in 2016 by the National ITMX as part of its National e-Payment initiative. First designed to deliver government welfare disbursements, it has expanded rapidly among individuals and businesses.

The service can be used across a variety of channels including ATMs, bank counters, mobile banking, internet banking and other payment apps. It requires users to link their bank account with a mobile number, email address, eWallet ID or national ID number, after which they can conduct immediate fund transfers and make payments at merchants with the security of not needing to divulge their bank account details. There is no limit to the number of daily fund transfers that can be made via PromptPay, and the upper limits for maximum per transaction values and total daily values are set by each bank. By the end of 2018, there were 46.5 million registered PromptPay users.



  • Consumers
  • Banks
  • Merchants
  • Billers



Population banking level


Number of debit, credit and charge cards per adult


Index to global average



Key statistics


IP launch year

Immediate payments types

Single instance, bulk payments, tax refunds

Initiation & authorization

Mobile number, email, QR code, national ID number, eWallet ID number

ISO 8583

Message standard









% of adults who have a mobile wallet and have used it in the past year

Share of volumes by payments instrument



Spend (USD)

  • Paper-based payments
  • Electronic payments
  • Immediate payments

Immediate payments volume and its share in overall NON-PAPER-BASED transactions, 2017-24f

% of total electronic payments transaction volume


The Thai market presents all of the key ingredients for explosive IP growth: high levels of mobile wallet adoption (and integration with IP), low usage rates for payment cards and a history of heavy reliance on paper-based payments. Crucially, it also has a well-planned IP scheme which is connected to all segments and offers both a variety of initiation methods and several payment types.

As would be expected, this combination of factors has contributed to high growth rates over the last three years, with further aggressive growth expected for at least the first half of the next decade.

While there will likely also be growth in other areas of electronic payments, IP is anticipated to cannibalize paper-based payments quite significantly.

ACI’s take

Thailand’s market is something of a “perfect storm” for IP adoption — as evidenced by the speed at which Thai consumers have taken to IP usage through digital overlay services such as PromptPay, that leverage an alias database to enable P2P, P2C and C2B payments via email, phone or ID number. This is a successful first-wave result for the Thai government’s Financial Services Master Plan for payments modernization.

Thailand is part of the cross-border ASEAN IP scheme. As we are already seeing with schemes like P27 in the Nordics, improving the speed, efficiency and cost of cross-border payments will have a multitude of benefits, particularly in corporate and merchant payments.

Thailand can also drive IP further by moving its scheme to the ISO 20022 messaging format, as this will provide more IP capabilities and improve interoperability, all of which is essential to continuing the upward trajectory of transaction volumes.


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