Four state-run banks in Thailand and 15 corporations will soon begin registering for PromptPay, formerly known as the AnyID scheme, a national payments platform that will allow users to send money with only their national ID or mobile phone number.
The model is similar to Early Warning/clearXchange, a bank-owned account to account transfer initiative in the U.S.
PromptPay is a joint initiative of the Bank of Thailand and the Thai Bankers Association. Registration will begin next month in preparation for an October launch. The company did not indicate which institutions will participate in the initial rollout, but they have confirmed readiness beginning July 15, according to a statement by the Thai central bank.
"The new service will facilitate the public, reducing cash usage in Thailand and benefit the Thai overall economy in the long-run," it said in a press release.
PromptPay will launch peer-to-peer money transfers in October and at an as yet undetermined phase two rollout date, person-to-company transfers. It will “initially” offer commission-free transfers under $141, but it has not indicated how the charges and fees structure will look afterward. It plans to announce government pension payouts and tax rebates at a later time.