ABOUTRETAIL PAYMENTS – PromptPay
Launched in 2016, PromptPay is an innovative payment system infrastructure that allows users to transfer money using a variety of identifiers such as their citizen ID, mobile phone number, or bank account number via digital channels. This system offers lower fees and increased convenience.
PromptPay is instrumental in governmental social welfare programs, enabling direct disbursement of funds to recipients using their citizen ID numbers. Additionally, PromptPay provides a range of supplementary services that have become highly popular across public, business, and government sectors, driving a continuous rise in payment transactions.
PromptPay Service Extensions
Social Welfare Distribution
A service that distribute welfare directly to the intended recipients and ensure money is transferred to only target group of people.
Tax Reimbursement
Tax refund service for taxpayer, both individuals and businesses which allow faster reimbursement.
e-Wallet
Easier money transfer or top-up service between e-Wallets and bank accounts with lower fees
Thai QR Payment
Payment service which allow users to make payments more conveniently by scanning the QR code via mobile banking application. This service plays a critical role in moving forward to less-cash society.
e-Donation
Electronic donation service that supports in storing donation information and facilitates donors in ensuring their benefits of tax claims without having to collect proof of donations themselves
C2C Transfer
Money transfer service that use easy-to-remember numerical IDs which allow users to make a convenient and fast fund transfer with lower fee.
PromptPay for Corporate
A service extension for the business sector which allow corporates to register for PromptPay to receive money from customers or transfer money to business partners
Cross-bank Bill Payment
Cross-bank bill payment service via digital channels without visiting physical payment service paint or bank branch
PayAlert
Alert or request to pay for PromptPay users to transfer money or make a bill payment using registered number
Cross-border Payment Connectivity
Convenient, fast, and lower fees cross-border payment and money transfer service which promotes the use of local currencies.
Our Solution with PromptPay
Stream offers a robust PromptPay solution for banks, supporting both ISO8583 and ISO20022 standards. Our system seamlessly integrates bank channels like Mobile Banking with Core Banking, and other related systems. With extensive experience in real-time payments, we deliver highly scalable and reliable solutions that meet business demands swiftly. We also provide ongoing production support and ensure compliance.
Stream supports the following services under the PromptPay scheme:
- Credit TransferÂ
This real-time transfer service allows customers to send money using IDs like National ID, mobile number, etc. Funds are deducted from the sender’s account and instantly deposited into the recipient’s account, even across different banks. - Bill Payment Cross Bank
This service enables cross-bank bill payments using a registered Biller ID. It supports QR code payments, allowing businesses to receive funds through various bank channels. Payments are credited to the business’s account with their Sponsor Bank. - Request To Pay (RTP)Â
This service uses the PromptPay system to facilitate billing through PayAlert for peer-to-peer transactions and BillAlert for individuals and businesses. It allows businesses, including retail and online stores, to send payment requests, making billing and receiving payments faster and more convenient. - My Prompt QRÂ
My Prompt QR enables seamless payment for goods and services across banks by using QR code technology. Customers generate QR codes via their payment service provider’s mobile app, which merchants can scan to initiate account deductions through a centralized system. - Thai QR Code Payment
The Thai QR Code Payment system facilitates bank-to-bank payments using QR code technology. Merchants can generate a dynamic QR code at POS or EDC machines or display a static QR code at the cashier. Customers scan the QR code using a mobile banking app to pay for goods.
Source – Bank of Thailand | National ITMX Company Limited
