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PromptPay gets off to slow start: central bank governor

PromptPay electronic fund transfer service got off to a slow start with about 15,000 transactions a day on average last week which is very small compared to the capacity of the system to handle money transfers, Bank of Thailand governor Veerathai Santiprabhob said on Wednesday.

However, he said that consumer-to-consumer electronic fund transfer service which was launched on January 27 worked quite smoothly since the launch although there were some minor glitches caused by human error.

He was confident that usage of the system by consumers would pick up as more people who subscribed to the service which is convenient and cheap.

As for the business to business money transfer service, the governor said that the central bank had been working on the system which is more complicated than the consumer to consumer platform and the fee rates to be charged which will be higher are yet to be determined.

Business to business service is due to be launched on March 1.

Siam Commercial Bank's vice president for financial transactions Mr Pipat Assamongkol said the bank was ready to accept application for the use of the B-to-B service by tying the bank accounts of its clients to their tax ID numbers.

Source: Thai Public Broadcasting Service (Thai PBS)