PromptPay
PromptPay is a digital payment system in Thailand, developed and regulated by the Bank of Thailand (BoT). It allows users to send and receive funds via bank transfers using a mobile phone number or national ID as a proxy, eliminating the need for detailed bank account information.
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Reasons for Popularity
Convenience: Users can make payments directly from their bank accounts using their mobile phone number or National ID number.
Government Support: PromptPay was introduced as part of Thailand's government initiative to promote digital payments and reduce the country's reliance on cash transactions
Integration with Government Services: PromptPay is integrated with various government services, such as tax refunds, social security payments, and welfare benefits
Interoperability: PromptPay is an interbank electronic funds transfer service, and allows users to transfer money between different banks seamlessly.
