What is PromptBiz and how will it help promote the Thai business sector in the future? Let’s get to know PromptBiz, a wallet that will enhance Thai payments.
The PromptBiz project is a project of the Bank of Thailand that will be launched at the end of 2022 and is expected to be ready for use in early 2023. BOT hopes to make it easier for SMEs to make digital payments, reduce costs, and be more convenient.
Mr. Ronadol Numnonda. Deputy Governor. Financial Institutions Stability, Bank of Thailand (BOT) delivered a speech at the National ITMX Day 2022: National ITMX Digital Verse Financial Connectivity event, titled “Opportunities and Readiness to Enter the Digital Transformation Era. of Thailand” that the current Thai payment system have a strong infrastructure internationally equivalent.
Currently, it provides payment infrastructure that is widely used by the public sector, such as PromptPay, with an average daily transaction volume of 36 million transactions and an average value of over 100 billion baht, and has been linked to 6 countries in the region.
Preparation for entering the digital era transformation effectively and sustainably must be in line with the diversified developments of the financial sector, which the Bank of Thailand has realized and laid out policies to support under the policy “New landscape policy for the Thai financial sector for a digital economy and sustainable growth” or New Financial landscape.
The focus in the financial landscape is to promote payments in 2022-2024 with key principles of openness, inclusivity, and resilience. A payment strategy will be released soon.
PromptBiz is a digital payment method similar to the Prompt Pay system but linked between cryptocurrencies. which is in line with the BOT that is developing “Digital Baht” for businesses, especially SMEs. Trade information can be sent along with payment information. This reduces time, errors, and costs.
as well as being able to extend the digital footprint to access other financial services. It is expected that the project guidelines can be issued “Prompt Bit” around the end of 2022 and will be released in early 2023
Therefore, “PromptPay” is considered to help drive the country’s digital payments to continue to grow. In 2021, there are more than ten billion interbank payment transactions. There is a turnover through ITMX of 39 trillion baht, or 2.4 times GDP. and has a tendency to continue to increase.
Sirithida Phanomwan na Ayutthaya, an assistant governor of the Bank of Thailand in the payment policy and financial technology section (BOT), said that in the future, the direction of digital infrastructure development may not be stopped as it moves forward. Today, what has happened is digital payments.
but, in the future, more SME payments will be supported through PromptBiz. and still needs to be pushed up continuously. It requires the cooperation of the public and private sectors to achieve the use of digital payments together and hope to be useful and can be extended to both the general public and the business sector.
“Wanna Nopaporn,” Managing Director of ITMX, said that nowadays, financial innovation is happening very fast, and in the future, the key goal is to make digital payments able to help financial activities enhance the digital economy completely.
by pushing the payment system to take care of all consumers to support the digital supply chain and support international use through connection with the outside world.
In this regard, financial service is viewed as something that requires a lot of transformation that needs to be expand in order to provide various financial services.
Currently, the world is in an era of economic interdependence. It is important to have an intermediary that will help both traders connect as easily as possible. The same is true for the payment system. If we are able to pay without having to exchange currency back and forth, we will save a lot of time and money.