We are creating some awesome events for you. Kindly bear with us.

In Thailand E-pay is the Way

In Thailand E-pay is the Way

An electronic payment (e-payment), in short, can be simply defined as paying for goods or services on the internet. It includes all financial operations using electronic devices, such as computers, smartphones or tablets. E-payments come with various methods, like credit or debit card payments or bank transfers. Note that one of the most popular and common online payment methods nowadays are credit cards.

In general, e-payments are considered a fast and secure alternative to traditional payment methods, such as bank transfers, checks, etc. Accepting electronic payments comes with lots of benefits for both merchants (of any size) and consumers.

Moreover, electronic payments are highly effective for international transactions. It is generally cheaper, easier and faster than other payment methods.

Thailand’s average digital payment transactions are expected to triple to 150 transactions per person, per year, sooner than previously forecast. This is due to the fact that there have been a prominent increase in the launch of digital banking services by Thai banks over the last few years. These include services such as electronic data capture (EDC) terminals and the availability of PromptPay, QR code payment and mobile banking services. 

PromptPay, the electronic payment service under the Thai government's e-payment plan, has stopped charging for online banking transactions. PromptPay offers free money transfers for up to S$200 (5,000 baht), S$0.08 (2 baht) for over S$200 (5,000 baht), S$0.20 (5 baht) for up to S$4,000 (100,000 baht) and finally, S$0.41 (10 baht) for transfers over S$4,000. 

These services are part of the national e-payment scheme, a partnership between state authorities and the private sector. PromptPay has 42.6 million registrants with a cumulative transaction value of  S$ 65 million (1.6 trillion baht). 

Since the service began in January 2017, 334 million transactions have been made involving money transfer to recipients who tied their citizen ID or mobile phone number to a bank account. 

For QR code payment, the number of merchants registered has reached 2 million, though the service has been in operation for less than a year. The number is expected to continue to rise, particularly in remote upcountry areas. The central bank will pay more attention to the adoption of digital payment to boost e-payment transactions. 

Banks have applied several models to their traditional outlets to keep up with the demands of each customer group, such as branches for financial advisory services, small and medium-sized businesses or automated banking transactions

Network relocation is another key factor that helps branches accommodate demand in transactions. Almost all branches have been relocated from stand-alone products to dense markets, including shopping malls, which have higher traffic.

The outlook for digital banking services have such promising aspects, propelling Thailand to achieve its Smart Nation 4.0 goals.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend