Categories: FinanceNews

Thailand Wants To Go Cashless With PromptPay

Thailand may very well become the next country to go cashless if four of the state-run banks and several commercial institutions have a say in it. PromptPay, as this new solution is called, will serve as a national payment scheme. Customers will be able to send money using their national ID or mobile phone number.

PromptPay is An Interesting Cashless Solution

Various countries around the world are on the cusp of going

cashless, albeit none of them has taken the plunge yet. There are a few drawbacks to a cashless society, as consumers and enterprises would be entirely dependent on banks. Interestingly enough, the PromptPay proposal in Thailand is coming from several banks and financial institutions.

State-run Thai banks, together with over a dozen commercial institutions, will roll out PromptPay in a few weeks from now. Registration will begin mid-July, and the new national payment scheme facilitates sending money. However, this is at the cost of consumer

privacy, as they need to provide a national ID or mobile phone number.

That being said, customer transfers will go live come October 2016, so there is still a long way to go. Commission-free transfers will be offered for all transfers under US$141. Doing so would effectively allow PromptPay to undercut the banks’ independent commercial service.

A Central Bank of Thailand spokesperson told the media:

Related Post

“All parties confirmed their readiness for the official launch of public registration nationwide from July 15, 2016 onwards, believing that the new service will facilitate the public, reducing cash usage in Thailand and benefit the Thai overall economy in the long-run.”

Transfers of digital money between consumers and enterprises is the primary objective of PromptPay. Once this rollout is deemed a success, transfers between companies will become available as well, although there is no official date for that yet. In a later version, tax rebates and government pension payouts will embrace PromptPay as well.

Source: Finextra

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

27 mins ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

57 mins ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

2 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

2 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

5 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

6 hours ago