PromptPay means no Thailand entry for fintechs

The Covid-19 outbreak has seen PromptPay, Thailand’s real-time digital payments system, more than double its monthly transactions in 18 months to 729 million and get over 56 million users. A bank-only play, it leaves fintechs locked out of the payments race

PromptPay accelerated during the pandemic, with as many as 65% of Thailand’s internet users reportedly using banking apps

Sending money is free and as easy as scanning a QR code or adding a phone number

But PromptPay is only for banks, which are accused of protecting their own position and locking others out

That’s forced companies to try other routes and partnerships, but Thai banks will face disruption in other areas

Whether it’s paying an electricity bill, buying food from a vendor or sending money to a friend, if you’re in Thailand, all you have to do is scan a QR code, or input a phone number or a verified ID. Transactions are instant, free, and not restrictive of which bank you or the receiver use.

In 2021, that’s not quite groundbreaking. Countries like Singapore and India have similar real-time payment systems. But how about being able to do the same things overseas?

Thai users can now pay for goods and services and transfer money to individuals in Indonesia as easily, and vice versa.

AUTHOR

Jon Russell

Jon Russell is Southeast Asia editor for The Ken based in Bangkok. Originally from the UK, Jon moved to Thailand in 2008. He’s passionate about telling thoughtful business stories, and tracking the impact of the internet in his adopted home of Southeast Asia.

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