Prompt Pay

[Gaybutton]

Thailand's latest effort to move toward a "cashless society" is called Prompt Pay. When I use online banking, the first thing that comes up on my screen now is an offer to register for Prompt Pay. When I withdraw cash at an ATM, an offer to register for Prompt Pay also comes up.

I know almost nothing about what it's supposed to be. I don't know whether farang owned Thai bank accounts are eligible for it in the first place, even if they want it.

From what I have read about it, I see no significant difference between Prompt Pay and what is already available both online and at ATMs.

In any case, if I am eligible I still see no reason to register for it, no matter how much urging the banks are all trying to do.

If you do a Google search for Prompt Pay several sites will come up.
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Cashless society hits snag

Registration for the PromptPay service has been plagued by security concerns and lack of awareness among the public.

by Pawee Sirimai and Somruedi Banchongduang

12 Sep 2016

The case of a Kasikornbank customer who lost almost 1 million baht to cybercriminals and the hacking of Government Savings Bank (GSB) ATMs, have added to fears over the security of the online money transfer system.

The concerns are causing consumers to delay signing up for PromptPay, according to a number of people interviewed by the Bangkok Post.

"The incidents worry many people and make them reluctant to register for the service because they fear their information could be stolen," said Thanaprasert, a freelance worker who did not want to disclose his surname.

Mr Thanaprasert, 63, said many cybercriminals are very sophisticated and he doubts if banks have enough resources to fully shield customers from such risks.

Even though PromptPay registration requires only an ID card and a phone number, consumers worry the data can be used to obtain confidential information if it falls in the wrong hands.

"I don't trust banks to keep customers' personal information safe and secure since bank staff who are responsible for keeping it might get greedy and sell it to someone else," he said.

Given concerns over leaking personal information and a lack of understanding about PromptPay, Mr Thanaprasert has decided not to sign up for the service, at least for the moment.

"I've only heard of the benefits of the service but do not know anything about the security system prepared for it and how commercial banks or the government will take responsibility if my money is stolen," said Mr Thanaprasert.

He admitted that warnings circulated via Line, the country's most popular social network, that cyberthieves can access bank account information by having only an ID card or mobile phone number linked to a bank account, have undermined his confidence in PromptPay and discouraged him from registering.

PromptPay is a money transfer system via internet and mobile banking under the government's national e-payment initiative.

The service will be extended to electronic payment, personal income tax refunds, welfare and subsidy payments and e-tax, which will allow the Revenue Department to plug all e-payment transactions into its data system to boost efficiency.

To be eligible to use the service, interested persons must sign up for PromptPay by linking a current or savings account to their ID card or mobile phone number at commercial banks and the four state-controlled banks -- the Government Savings Bank, GH Bank, the Bank for Agriculture and Agricultural Cooperatives and Islamic Bank of Thailand.

Pre-registration started on July 1, while the registration kicked off on July 15 with no deadline.

A single PromptPay account can be tied to a maximum of four numbers -- one ID card and three mobile phone numbers -- and these numbers must not be linked to any other account. The service allows users to transfer money to recipients by using only their ID card or phone number -- it is not necessary to know the recipient's bank account number.

Those who register for the service will be able to transfer money to recipients who hold accounts at different banks, or even the same banks in cross-clearing zones, free of charge for all transfers below 5,000 baht; transfers of 5,000 to 30,000 baht are charged a fee of no more than 2 baht; transfers of more than 30,000 to 100,000 baht cost no more than 5 baht; and transfers exceeding 100,000 baht are charged no more than 10 baht.

The government plans to kick-start PromptPay in late October.

Despite a number of campaigns and advertisements, the number of people registered remains low as seen by the fact that only about 14 million out of 40 million accounts across the country have registered for the service.

Mr Thanaprasert urged the government to inform the public how to use the electronic money transfer safely to encourage more people to use PromptPay.

Soonthorn Pakdijaras said he has not registered for the service yet as he does not have enough information to weigh if it really benefits him.

"Right now I don't need to use the service, so I haven't seriously looked for information," he said.

The 56-year-old businessman said he normally pays utility bills through mobile and internet banking and goes to bank branches to transfer large amounts of money for security purpose.

Security is another reason that bars him from signing up for PromptPay, he said, adding that he would use the new service in the future if it proved to run smoothly without serious problems.

Apart from fears over cyberattacks, the lack of awareness about PromptPay has also limited the number of those signing up for the service. Suchit Somprasert, a taxi driver, is a case in point.

Mr Suchit, 45, said he had never heard of PromptPay.

"I've never done any transactions via the internet or mobile banking before," he said.

He said he has never received any welfare nor subsidies from the government, but he will sign up for the service if he is entitled to such assistance.

Sudarat Phonyiam, a 48-year-old noodle vendor, said she heard of PromptPay from TV commercials but does not understand what it is nor how to use it.

She said she normally makes basic banking transactions, such as deposits and withdrawals.

"I'm more comfortable interacting with people when making money transactions. I don't really have any idea about it, so it is better for me not to use it," she said.

However, PromptPay has caught the interest of young people, especially students.

Nichamon Damrongkitkarn, a 22-year-old university student, said she registered for PromptPay because she thinks the service will make her life more convenient.

"At first I thought the system was secure, but there have been reports about people getting hacked. So now I'm a little worried," she said. "But I don't think I will be the unlucky one since a lot of people will be using the service, so the chances of me being hacked are minuscule."

Meanwhile, Predee Daochai, chairman of the Thai Bankers' Association (TBA), said the association plans to launch soon a public relation campaign to educate and inform the public about PromptPay. The campaign will help people to understand better the new payment channel and make them more confident about registering for the service.

Even though the number of those who registered for PromptPay is low compared with the total 40 million accounts, he said he is not worried as it will take a while for people to familiarise themselves with the new service and realise its benefits.

"We understand the public's concerns and that they will need more time to become familiar with the new service, just like ATMs and mobile banking when they were launched years ago," Mr Predee said.

Some consumers are waiting for PromptPay to start to make sure security is in place, he said.

The TBA expects heavy traffic on for the first day of service, so all members are well prepared and have tested the system, he added.

http://www.bangkokpost.com/news/politic ... -hits-snag

[Smiles]

Wheeeuuu ... having quickly glanced at your topic here I thought you were going start charging for membership on this Board.
Prompt pay, or the big hammer comes down!

[Gaybutton]

having quickly glanced at your topic here I thought you were going start charging for membership on this Board.

Now that's an idea . . .

[Alex]

I still don't know if foreigners are eligible to sign up either. I've read Kasikorn Bank's terms and they say you need to be a Thai national, but they keep offering me to sign up regardless. Same with Bangkok Bank.

Maybe it's because you can sign up with an ID card number, a mobile phone number, or both. Quite possible that foreigners can do the mobile phone number signup. The only real advantage I've seen is that inter bank money transfer fees are lower with PromptPay. That's not convincing enough for me to attempt using it. I'll keep following the news at the sidelines for the time being.

[Gaybutton]

The only real advantage I've seen is that inter bank money transfer fees are lower with PromptPay. That's not convincing enough for me

Me either. The reduced cost of money transfers offered by Prompt Pay compared to the number of money transfers I do at regular fees is not going to make a major difference to my finances. I don't understand what else Prompt Pay is for. If the major element is going to be reduced money transfer fees, then why establish Prompt Pay at all? Just reduce the fees. I don't see why some sort of special program is needed to do that or anything else offered by Prompt Pay.

I must be missing something, but I don't understand what Prompt Pay is supposed to be for. And if it turns out that farang owned Thai bank accounts are not eligible for it, then my next question would be why not? Somebody else is going to have to let us know if farang owned accounts are eligible. I don't intend to register for it unless there is a serious advantage to it that is not already available.

So far my banking needs have been working just fine. This Prompt Pay thing reminds me of my uncle's response when my aunt wanted to buy something, but he did not want to give her the money for it. He said, "You've lived without it for 67 years. What the hell do you need with it now?

[Jun]

To add to the previous post, it's often NOT a good idea to be an early adopter. Give it a couple of years to prove itself first. Why take the risk?

Galaxy Note 7 is one example.

[thewayhelooks]

I thought you were going start charging for membership on this Board...
Now that's an idea . . .

Okay, let's use bitcoins, the invisible money.

[Gaybutton]

"Of course, dear. What did you expect?"
- Gladys Cooper (Mrs. Higgins), 'My Fair Lady'
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PromptPay for consumers likely to be delayed

by Somruedi Banchongduang

6 Oct 2016

Consumers are unlikely to be able to transfer money among themselves using the government's PromptPay service by the Oct 31 deadline due to "technical problems", according to bankers.

The Thai Bankers' Association expressed concern on Wednesday that the consumer-to-consumer part of PromptPay might not be ready by the end of this month.

The system is running into difficulties in terms of system installation and integration between local banks and the UK-based payment infrastructure operator VocaLink.

Somkid Jiranuntarat, chairman of Information Technology club of the Thai Bankers Association, said the system was still be tested. "Personally I don't think the C2C [consumer-to-consumer] PromptPay will be launched by the schedule. We're still trying the solve the problems now.".

The TBA will ask the Bank of Thailand for advice on the matter later.

The problems mainly stemmed from the different systems being used by Thai banks and VocaLink, which was hired to develop a mobile payment solution for banks, consumers and businesses in Thailand.

"Due to these technical problems, we need longer time to install and connect the systems and to test them.

"We have to test every single area, even the tiniest thing, in order to ensure stability and reliability," Mr Somkid said.

The TBA could not tell how long the tests would be even though all parties -- the central bank, TBA and vendors -- are working around the clock.

"Our priority is the efficiency of the system. This is our responsibility as a banking service provider. We have to make sure everything works as planned for consumers' sake," said Mr Somkid.

For the government-to-consumer system, he said the system was likely to be launched on time in November this year.

Predee Daochai, chairman of the TBA, confirmed the C2C system was still incomplete.

"We will need to discuss the issue with the central bank's officials," he said.

PromptPay is a collaboration among the TBA, the central bank and the IT vendor. The National Broadcasting and Telecommunications Commission (NBTC) later joined the effort, claiming it could "ensure the security of mobile and internet banking", as well as the PromptPay services.

http://www.bangkokpost.com/news/general ... be-delayed

[Alex]

Rivers of tears will flow, cried by those who have eagerly awaited PromptPay. All six or seven of them.

[2lz2p]

And - it has been delayed:

http://www.thaivisa.com/forum/topic/948 ... -next-year