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Published on August 22, 2007

Under the Payment Systems Roadmap 2010, e-payments will double from the current one billion transactions a year, Sayan Pariwat, senior director of the information technology group, said yesterday. The use of e-payments is 10.9 transactions per person, much lower than in developed countries.

International Transaction Management and Exchange, developed by the authorities and the private sector, will help expand e-payments via channels such as mobile phones and the Internet, he said.

Cash payments are now 11.3 per cent of GDP and cheque payments are 1.4 cheques per person.

Demand for cash rises about 5 per cent a year in line with economic growth. Rural consumers also prefer cash. Electronic system development has mainly been in large provinces.

"The country's infrastructure needs to be developed further," Sayan said.

After cheque-processing fees were raised, cheque spending last year dropped 3-4 per cent in volume. Fees of the entire payment system will soon be reviewed to bring them in line with actual cost, with new rates next year, he added.

Anoma Srisukkasem

The Nation