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.