PromptPay
What is PromptPay?
PromptPay is a service that enables real-time funds transfer between two different banks with support for AnyID funds transfer, including mobile phone numbers, National ID, TAX ID, Biller ID, QR code, eWallet ID, and bank account number, and is available through a variety of channels, including Mobile banking, Internet banking, eWallet application, ATM, CDM, Counter, EDC, and so on.
Main features of the PromptPay system
The Any ID concept or PromptPay is the development of National ePayment Agenda. Users can use AnyID as a proxy including National ID, mobile phone numbers, Tax ID, e-wallet ID, and Biller ID, in addition to account numbers, to make payments or transfer money between different banks. The guideline includes creating the Centralize Registration Database, which then allows individuals and businesses to register by linking their AnyID with their bank account through various banking channels such as bank branches, ATMs, Call Centers, Internet Banking, and Mobile Banking. The registration information will be sent by the bank to the PromptPay centralized registration system, which is managed by National ITMX co, ltd. Bank's customers will then be able to transfer money through bank service channels using AnyID listed above. The PromptPay encourages free market competition in banking industry, which will lead to market equilibrium, benefiting the overall market. Financial institutions are free to compete with one another by developing various transfer channels of their own. For example, a mobile application that allows users to easily transfer funds without having to remember the recipient's account numbers. Instead, start by entering the recipient's mobile phone number or selecting from their contact list on their mobile phone before entering the transfer amount. Then, double-check the recipient's name and confirm the transaction (P2P money transfer) Furthermore, there are supports for bill payment services or product payment via QR code, with a reference number attached to the payment information to allow the acquirer bank to reconcile with retailers more easily and quickly.
Banking Institutions
Qualifications of the Applicant
1) Must be either a commercial bank licensed to conduct commercial banking under the Financial Institutions Business Act B.E. 2551 (2008) or a bank established under specific legislation.
2) Must be a business provider of the designated payment services under the Payment Systems Act B.E. 2560. (2017).
Revocation of Membership
1) The bank's license to operate commercial banking under the Financial Institutions Business Act B.E. 2551 (2008) has been revoked, or the bank has been disqualified as a bank established under specific legislation.
2) The business provider's license to operate a designated payment service under the Payment Systems Act B.E. 2560. (2017) has been revoked.
Bank customers
Bank customers can register to use the PromptPay system's services based on the products that the member bank has signed up for with National ITMX. For more information, customers can contact the bank of service directly.
of Service
Benefits
The objectives of the PromptPay system is to develop the e-payment infrastructure to be more convenient and secure, which is beneficial to all sectors as follows:
1. Public sectors: Provided with faster and easier access to the e-payment service at an affordable cost and service fee, provided with more convenient access to various services and channels; for example, fund transfers, bill payments, QR code online payments, paying taxes or fees to government agencies, including receiving aids, welfares, and tax refunds directly from the government via bank transfer to the registered account.
2. Business sectors: Provided a quick and convenient channel for receiving e-payments by using the registered IDs instead of using account numbers or receiving the payments via QR code. Increase business opportunities by allowing customers to make payments easily and quickly at a low cost and fee. Furthermore, to increase the competitiveness of entrepreneurs and SMEs, particularly online sales that can accept e-payments easily and gain customer loyalty.
3. Government Sector: Enhanced the efficiency of funds transfers from the government sector to the public by using the identification number, for example, to transfer welfare funds directly to the public, to pay tax refunds via PromptPay using the taxpayer's bank account. This can assist the government in making transparent payments while reducing errors and the risk of fraud associated with cash payments or check collections.
4. The overall economy: Supported reducing the need for cash usage in all sectors, lowering the nation's cost of cash handling such as banknote printing, delivery, unfitting, and destroying. Additionally, to improve transparency while reducing problems associated with corruption and the informal sector, as well as to increase the speed and flexibility of money circulation in the economy. Furthermore, the electronic data can be analyzed and utilized for developing a more efficient national economic plan and better-formulated policies for businesses and the general public.
The company is aware of the highest security for information transmitted via the electronic media of the PromptPay system. We ensure the highest security by prioritizing the use of the most advanced security technology, including data encryption throughout the connection. Additionally, we incorporate private network devices between the company and member banks that control the connection devices using the Security Key system. The company focuses on providing the most advanced security for the advancement of the national transfer/payment system to meet international standards.
Furthermore, to protect users from any form of interception while ensuring the integrity of information transmitted through the system. The PromptPay system operates on an infrastructure system that has completed the verification and passed ISO 27001 certification for Information Security Management Systems.
Security
Services
The Centralize AnyID Registration Service
A service is a development of the Multi Proxy Platform system for storing five types of AnyID data linked to a bank account number: National ID, mobile phone number registered in Thailand, Tax ID, e-Wallet, and Biller ID. The data is managed by the National ITMX co, ltd. as a central sector, connecting the system with member banks for registration and information update via the bank's service channels. When a transaction using AnyID is requested, the sending bank will send the transaction inquiry to the Multi Proxy Platform for lookup before processing AnyID data mapping with the receiving bank in order to inform NITMX on which bank to send the request for the recipient's information inquiry.
PromptPay for Electronic Single Payment and Funds Transfer
A service on electronic – information and communication technology relating to the PromptPay service for the individual online transaction; Including PromptPay for Single Payment Credit Transfer, PromptPay for Electronic Bill Payment, PromptPay for Request to Pay, and QR Code payment service.
The PromptPay for Electronic Single Payment and Funds Transfer services are classified as follows:
1. The PromptPay Credit Transfer service is a real-time online funds transfer service that accepts National ID, mobile phone number, Tax ID, e-Wallet ID, or bank account. The sending bank will deduct the sender's account balance in order to transfer money to the beneficiary account of the other bank, and the recipient will receive the transfer money immediately after the transaction has been completed.
2. PromptPay for Bill Payment Cross Bank is a cross-bank bill payment service that accepts Biller IDs that have been registered in the company's Multi Proxy Platform (MPP). The service enables entrepreneurs and legal judicial billers to receive bill payments by scanning QR codes at any member bank's service channels. The transfer funds will be deposited into the biller's bank account, which is held by the sponsor bank.
3. PromptPay for Request To Pay (RTP) is an extension service developed on the PromptPay infrastructure by the billing request service via the PromptPay system. The PayAlert service supports requesting payment between individuals, whereas the BillAlert service supports requesting payment between individuals and the juristic person. Retailers and other business sectors can send an alert message to customers or users requesting payment. Consequently, entrepreneurs, SMEs, and e-Commerce retailers benefit from a more efficient and convenient channel for creating billing and receiving payments.
4. My Prompt QR Code
The cross-bank payment for purchasing products/services by scanning the customers' QR codes (TQRC Customer Present). Customers of service providers can pay by generating a QR code that retailers can scan using the service provider's mobile application. The account debit request will be routed through the company's central system before being delivered to the customer's service bank for direct debits to pay for goods or services.
MyPromptQR enables businesses to receive payments quickly and easily. The payment system can automatically connect to the POS system at the retailer's payment point. Offering a more convenient method of QR Code payment than the previous one, customers do not need to manually enter the amount and scan the retailer’s QR code. As a result, by reducing procedures, cashiers' service time in receiving payment can be reduced. The service can also be linked to the promotion system to help increase future business opportunities.
5. Thai QR Code (TQRC) Payment
The cross-bank payment for purchasing products/services by reading the QR Code of retailers (TQRC Merchant Present). The retailers of the payment receiving bank will generate the Dynamic QR at POS machines or EDC, as well as print Static QR to be placed at the retailers' cashier. Customers can make payments by scanning the QR Code with their mobile banking app. The service bank will send the PromptPay Bill Payment request to the company's central system before forwarding it to the merchant bank in order to process customer debits and store credit in real time for the payment of products or services.
