Bangkok – The Bank of Thailand (BoT) has allowed five financial institutions to fully operate their National E-Payment services from Saturday.
BoT Assistant Governor, Sirithida Phanomwan Na Ayutthaya says the E-payment QR code system developed by Kasikorn Bank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank and Government Savings Bank (GSB) has completed its fin-tech innovation experimentation under the Bot’s Regulatory Sandbox.
Sirithida explained that the five banks had proven that they were capable of handling large numbers of transactions within a given timeframe and managing security risks related to system disruption in line with the BoT’s requirements.
The BoT plans to promote a cashless society by facilitating cross-banking transfers and bill payments, offering fee-zero services to customers donating money to charities and limiting electronic transaction fees to no more than five baht per bill and counter transactions to no more than 20 baht per bill. Details of the National E-Payment system can be found on the BoT’s website.