Vocalink has developed a transformational payments service for Thailand, providing a Real-Time Payments Switch (IPS) and a Multi Proxy Platform (MPP), which has allowed it to enter the world of real-time payments.
transactions since launch
In January 2017, PromptPay went live. Just six months later, over half of the population (31.5 million citizens) had signed up to use its services, and currently the system is handling in excess of 35,000 transactions per day.
Since launch, Vocalink has already significantly accelerated Bank of Thailand’s realisation of its Financial Services Master Plan, increasing economic efficiency, reducing reliance on cash and enabling individuals, businesses and government to benefit from immediate payments in an increasingly digital economy. The arrival of real-time payments is a breakthrough for Thailand and has played a major part in the government-led strategy to bring 21st century banking services to all communities in Thailand.
PromptPay will reduce Thailand’s reliance on a physical banking infrastructure and cash, while at the same time accelerating the adoption of mobile payments, address financial inclusion and support the expansion of Thailand’s burgeoning digital economy.