PromptPay drives up KBank e-transfers

KBank projects that the issue of its customer registered for PromptPay will reach 5 million by the end of this year, up from 3 million now, with e-transactions increasing by 45-50 per cent. That would slash its cash-handling costs, which now average Bt1 billion per year, KBank senior executive frailty president Patchara Samalapa told a news league yesterday.
Of the more than 3 million customers registered for KBank PromptPay, 52 per cent used their national identity-card numbers to register, and the rest their mobile-phone numbers. The most use distribution channel for service registration is K-Mobile Banking Plus.
Patchara said one-on-one requital via KBank PromptPay was introduced to the public in deep January. Customers can transfer funds via K-ATM, K-Cyber and K-Mobile Banking Plus to any recipient registered for PromptPay at any bank.
As more users became companion with the service, money transfers, both interbank and within KBank, via KBank PromptPay have risen to 23,500 per day in March, from 10,000 a day in the January-February period. This represents an increase of more than 130 per cent. Of the total, around 80 per penny were interbank transfers.
KBank believes that PromptPay transactions and registrations will rise dramatically as people realise the service is convenient and dependable. The bank expects its customers to use PromptPay as their main payment channel finally.
As most customers have linked their main account to the servicing, KBank will take this opportunity to expand its customer base, wherein 30 per penny of its mass segment and 20 per cent of its middle-income clients use KBank as their main bank.
Currently, only 5.5 million mobile-phone numbers out of the about 90 million in use nationally are linked to PromptPay.
To encourage more of its customers to register, KBank will launch a campaign called “ PromptPay Cool ! guarantee ! Anyone Can Pay ! ” following quarter.
The travel is separate of efforts to transform Thailand into a “ cashless society ”, cutting costs for the nation while besides slashing KBank ’ s own cash-handling costs – comprising cash reserves, cash enchant and refills, deoxyadenosine monophosphate well as cash policy – that presently top Bt1 billion a year.
KBank will hold a market event to promote the service among small vendors at wet markets, fresh markets, and small stores. When these sellers use the PromptPay servicing, their customers will be able to pay for goods and services simply by using their fluid phones.
Patchara said PromptPay provided a convenient, easy and fast payment servicing. Customers feel convinced to make funds transfers, as the recipient role ’ s name is displayed every time before they confirm the transfer transaction.
The bank has launched another promotional campaign wherein individuals who have registered with KBank PromptPay pay no fees when transferring funds via KBank to any PromptPay report, with no transfer restrict. The promotion runs through June 30.

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