Nod for QR code payment

Five banks to exit BoT regulatory sandbox

With the proper apps installed on phone, tablet or PC desktop, QR (quick response) codes allow almost instant service, and require no keyboard input. Five major banks are ready to begin QR code operations.

The Bank of Thailand has given the green light for the first five banks' quick response (QR) code payment services to exit its sandbox, enabling them to commercially roll out the much-touted system that scans a bar code on smartphones.

The five banks -- Kasikornbank, Siam Commercial Bank, Krungthai Bank, Bangkok Bank and Government Savings Bank -- met all the criteria to provide PromptPay-based QR code payment services.

"The important criteria are readiness and robustness of the IT system, risk management, consumer protection, security, as well as related operations at their branches and call centres, with an aim to serve consumers continuously and efficiently," said Siritida Panomwon Na Ayudhya, the central bank's deputy governor for payment system policy and financial technology group.

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