Use of PromptPay system surges to 127 million transactions in one year

The number of PromptPay transactions for the past one year has surged to 127 worth more than 490 billion baht, said Ms Siritida Panomwon Na Ayudhya, deputy governor of the Bank of Thailand (BOT) for payment systems policy and financial technology.

Despite the surge in the number of PromptPay transactions, she noted that the amount of money transfer per transaction has declined from 6,000-7,000 baht in the previous year to between 3,500-3,800 baht as of now.

According to the latest information until February 28 this year, the highest number of transactions in a single day was 1.1 million with 2,589 million baht being transferred via PromptPay.

On top of that, Ms Siritida said the use of QR code payment system has also increased steadily as hundreds of thousands of shops have accepted QR code payment system.

The use of PromptPay service for the first year was satisfactory, with the BOT targeting to increase the use of the service, said the BOT deputy governor.

In comparison with the use of PromptPay service in Malaysia and Singapore, she said that Thailand still ranks after the two countries, adding that the BOT would urge the private sector and SMEs to turn to the system in their business transactions.

Registration of PromptPay service soared to 39 million numbers in the past one year, with 66 percent of them or 26.7 million numbers being linked to their ID cards for convenience in dealing with the public sector and in tax refund.

As far as commercial banks are concerned, Ms Siritida said they must be well-equipped to accommodate with the increasing use of PromptPay system by their clients and to meet with emergency situations.