BOT introduces "Promptpay" easy money service

BANGKOK, June 16 (TNA) - The Bank of Thailand (BOT) has launched an easy money service, dubbed "Promptpay", through which users can conveniently transfer money and make payments with their ID card or mobile phone numbers. BOT, the Thai Bankers’ Association and 21 financial institutes jointly introduced the new "Promptpay" service at an event in Bangkok on June 15. People are welcome to start registering for the "Promptpay" service at all branches of commercial banks or ATM booths, or through Internet banking and mobile banking systems on July 15, 2016 to make their easy electronic payments and money transfers by simply identifying themselves with their ID card or mobile phone numbers with a bank account. BOT Deputy Governor for Financial Institutions Stability Tongurai Limpiti told journalists that money transfers will be more convenient for users who can also receive money directly from the government, including allowances for the elderly and tax refunds. Besides, it will be safer than doing transactions by cash, fees will be lower and registration information can be changed conveniently when the new service is started in October 2016. Predee Daochai, Chairman of the Thai Bankers’ Association and President of Kasikornbank, said each transfer of up to 5,000 baht will be free of charge, while fees for each transfer, worth more than 5,000 baht, will range from 2 to 10 baht. (TNA)