Stepping into the limelight in this "Payment Methods Spotlight" series is Thailand's homegrown cashless payment service: PromptPay.
What is PromptPay?
PromptPay, developed under the aegis of the Bank of Thailand, is revolutionizing the way money transfers between bank accounts and electronic wallets are made. A novel feature of this service is the use of identifiers such as phone numbers or citizen IDs, which can be embedded in a QR code, expediting the payment process.
The Unique Power of PromptPay's QR Codes:
What sets PromptPay apart is its flexible usage of both static and dynamic QR codes. Merchants can print static QR codes for easy and consistent use, enabling customers to scan and pay without any waiting times, improving efficiency for both the customer and the cashier.
On the other hand, dynamic QR codes can be displayed on a phone or an Electronic Data Capture (EDC) terminal. These codes are particularly useful when the payment amount varies or needs to be input manually.
In both scenarios, PromptPay's QR code system streamlines payments, offering an unrivaled level of flexibility to merchants and customers alike.
Taking a giant stride towards a cashless society, PromptPay embodies the spirit of innovation that's driving Thailand's financial technology sector. At Pomelo, we are enthusiastic to be part of this transformation, integrating these cutting-edge payment methods to empower our partners.
Image credit: Bangkok Bank
About the author
Meet Andy Rojanasakdakul, Pomelo's Thailand Country Director. With years of experience in the fintech industry, Andy is leading Pomelo's efforts to transform payment systems in Thailand, contributing to the country's shift towards a more inclusive and efficient digital economy.