QR code for cashless payment to be ready in Q4

BANGKOK, Aug 30 (TNA) – The Bank of Thailand on Wednesday rolled out a standardized QR code for financial institutions to introduce QR code-based payment services in the fourth quarter of this year. With the launch of the standardized QR code to facilitate the cashless payment service, consumers will be able to use a single code to process payments through different local banks and non-bank payment networks and merchants can display one QR code to collect payment from customers. The central bank governor Veerathai Santiprabhob said QR code payment service is convenient and safe. Two banks are testing the system and six banks have been applied to provide the service. When it is officially launched, customers will be able buy goods and service such as taxi meter fares and utility bills by electronic payments through financial institutions. After downloading their bank’s application, they can pay by scanning shops’ QR code with their mobiles or tablets Meanwhile, Supaneewan Chutrakul, First Senior Vice President of the Kasikorn Bank said that the bank launched the service in the trial phase in limited areas including Siam Square, the Chutuchak weekend market and the Platinum Fashion Mall and the Pratunam wholesale market. Currently, about 2,000 shops adopt QR codes for customer’s payment. The bank targets to expand the service to 200,000 shops. (TNA)