BOT permits five banks for QR code payments

Bank of Thailand (BOT) has allowed five financial institutions to exit from the regulatory ‘sandbox’ and offer QR code payment services.

BOT permits five banks for QR code payments

The five financial institutions which have met the standards to provide QR code payment services through PromptPay system are Kasikorn Bank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank, and Government Saving Bank.

The payment service allows customers to use the mobile apps of the participating banks to scan the merchant’s standard QR code to make their payments.

BOT, financial institutions, non-bank payment service providers, and international card schemes have jointly developed the Thai QR code standard for e-payment, which complies with the international standard.

“The important criteria are readiness and robustness of the IT system, risk management, consumer protection, security, as well as related operations at their branches and call centres, with an aim to serve consumers continuously and efficiently,” the bank said in its press release.

The merchants who would like to have QR Code for receiving payments need to contact the permitted banks while the customers can pay via banks mobile apps.

The bank said that apart from the five permitted banks, other banks are also testing QR code payments service.