PromptPay will not impose any charge when transferring money to different banks or to the same bank in a cross-clearing zone. The fee structure will come into effect at the end of October 2016, bangkokpost.com reports.
PromptPay will use citizens ID card numbers and mobile phone numbers to link with a bank account to make cash transactions easily. PromptPay will initially allow e-money transfers between people, while e-money transaction between companies will be the next phase, and the government will be able to send pension and tax rebates to individuals in the future.
Fifteen commercial banks and four specialised financial institutions – the Government Savings Bank, GH Bank, Islamic Bank of Thailand and the Bank for Agriculture and Agricultural Cooperatives – have been tasked with PromptPay registration starting on 15 July 2016 nationwide, with no deadline set for registration.
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