People prepare to use PromptPay service

BANGKOK, July 2 (TNA) -- Finance Minister Apisak Tantivorawong said people understand and prepare to use PromptPay service in which commercial banks allow people to register by using identification card or cell phone to their accounts. Commercial banks on Friday started allowing people to register themselves in advance to use PromptPay service which is designed for reducing the use of cash in Thailand and benefit the country’s economy in the long-run. Advance registration can be made until July 14. Official registration with the banks starts on July 15 and people can register via four channels including with commercial banks, ATM machines, an internet banking and mobile banking. Expressing optimism on people readiness to use the service, Mr Apisak said the PromptPay service is equipped with safety and recognised universally. Most importantly, the service would facilitate depositors in making business transactions and simultaneously helps reduce banks’ operational costs, he added. So far, 15 commercial banks and four specialized financial institutions have joined in the programme. PromptPay is a new money transfer service, which requires transferees to link their national ID or mobile phone number to their accounts. By doing so, transferors do not need the transferees’ bank account details to transfer money. The service will save users the trouble of remembering account numbers while the transferees will enjoy greater security by not having to disclose their account details. It is also a better solution than carrying a large sum of cash, which poses various risks. Transfer receipts will also be provided. (TNA)