In response to the government's national e-payment strategic plan, Siam Commercial Bank (SCB) says it helping to promote the rise of a cashless society in Thailand by developing smartphone-based payment system with QR code technology.
The bank wants to encourage the public at all levels to adopt the new payment channel, which is now available.
Arak Sutivong, SCB senior executive vice president and chief strategy officer, said that SCB realizes the importance of developing financial technology aligned with customers' changing lifestyles now that consumers are increasingly shifting to digital technology.
SCB is therefore moving forward to a full-fledged digital platform to help make Thailand' s National e-Payment system a reality, Arak said.
“Starting with the PromptPay electronic payment system and EDC instalment, most recently SCB has launched QR Pay, an innovative payment method to increase convenience and speed in receiving and making payments. The system can be accessed by the public with a common standard for the entire nation. SCB takes the cashless society concept seriously, and is ready to propel Thailand 4.0 into reality.
“QR Pay will serve as a catalyst to boost payment system reform as it is simple and convenient with a common standard. It is also enables all small shops or non-store retailing operators, such as motorcycle taxis, to have access to a common payment system with QR Pay. SCB is confident that the new payment method will benefit the overall economy, while helping reduce payment costs for the country. The secure system will also reduce errors or fraud related to using cards.
“QR Pay will serve as another channel to increase convenience for both buyers and sellers, and reduce the fuss of cash management. Customer can easily create QR codes at any SCB branch nationwide. To better service our customers, SCB will soon be launching QR code generators for customers through the SCB Easy App and SCB internet banking.”
Generally, there are two types of QR code: static and dynamic. Static QR codes enable customers to enter a payment amount by themselves, while dynamic QR codes will prompt merchants to enter a payment amount and allow customers to scan QR codes to make payments.
“SCB is committed to developing payment systems for increased convenience and to better serve their customers' lifestyles with new payment solutions, such as enabling online shops to use the latest version of the SCB Easy App to scan QR codes and make payment easily without errors, to send payment details via e-mail or social networks, or make payments via the Line application,” Arak said.
“SCB emphasizes the need to meet customer lifestyle requirements in the digital era, and believes that QR Pay will help provide a new experience for customers in the digital era while promoting an effective cashless society very soon. SCB's QR Pay is ready for service now.”