Understanding PromptPay: A Popular Payment Method in Thailand

What Is PromptPay?

PromptPay is a real-time payment system introduced as part of Thailand’s broader digital financial infrastructure. It is widely used across Thailand for various types of payments—ranging from personal transactions to business payments—providing a quick and convenient method to transfer funds directly from one bank account to another. Its popularity stems from the ease with which it enables secure and instantaneous transactions using unique identifiers such as phone numbers or citizen ID numbers. This has made PromptPay a staple in Thailand’s digital payment landscape.

How PromptPay Works

PromptPay simplifies transactions by allowing users to send or receive payments using unique identifiers associated with their bank accounts. Customers can use their mobile banking apps to initiate a transaction by entering the recipient’s phone number or ID number. Once the transfer is initiated, it is processed in real-time, offering immediate fund availability for the beneficiary. Due to its simplicity, PromptPay is utilised for various use cases, including personal transactions, business payments, and even paying for services and utilities. Its integration with mobile banking apps enhances its accessibility and ease of use.

Features

• Instant Transfers: Real-time processing ensures that funds are transferred instantly.
• Multiple Identifiers: Transactions can be made using identifiers, including phone numbers or citizen ID numbers.
• Wide Acceptance: Accepted by numerous businesses and utility providers within Thailand.
• Secure: Built with advanced security features to protect users during transactions.

Benefits

• Convenience: Users enjoy the convenience of seamless transfers without needing lengthy bank account information.
• Cost-Effective: Often, transactions incur low to no fees, making it an economical choice.
• Accessibility: Available through most Thai banks’ mobile applications, making it easy to use.
• Security: Safe operations with bank-level security features, including two-factor authentication.

Why Accept PromptPay?

Accepting PromptPay benefits merchants selling in Thailand due to its widespread adoption and familiarity among local consumers. By offering PromptPay as a payment method, businesses can cater to a broader audience, particularly those who prefer digital and mobile banking solutions. This can enhance the customer experience by providing them with a payment option they trust and utilise frequently. Additionally, accepting PromptPay can potentially drive sales and improve cart conversions by offering a seamless checkout experience.

Here’s How to Get Started:

Contact Rapyd. Increase cart conversions and sales with 900+ local and alternative payment methods worldwide.

Key Details for Accepting PromptPay with Rapyd:

• Countries: Thailand
• Payment Type: Bank Transfer
• Currencies: THB

This Payment Method Is:

Cancelable, Disputable

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