PromptPay payment system infrastructure
Challenges
The Bank of Thailand envision Thailand’s move to digital economy following the real-time payments trends globally. The scheme will enable strong economic growth and efficiency within the payment eco-systems, while strengthening transparency and compliance.
The challenge is to establish the new standards that will support consumers, businesses, and government to gain the most benefits from the real-time payment initiative.
Our Solution
PromptPay ISO8583 and ISO20022 – Stream works with our UK-based Technology partner to provide consultancy to the PromptPay Real-time payments scheme at National ITMX Co., Ltd. since its conception in Thailand. We oversee and coordinate the project management, business analysis, development, testing and industry-wide rollout of the PromptPay scheme.
The scheme provides digital payments capabilities for Thai consumers, merchants, billers, and businesses; and has gained strong adoption through the Covid-19 period. Thailand is now the country with the highest real-time payment adoption per capita, spurring Thailand’s digital economy and economic growth.
Achievements
Stream is proud to be a part of this important Real-time Payments initiative of the Bank of Thailand and the Thai Bankers’ Association.
