Central Banking

Payments revamp should cut costs in Thailand, governor says

Photo: yarexphotography.com

A new payments system should "substantially reduce" electronic transfer costs in Thailand, the country's central bank governor has told Central Banking.

In an interview for the forthcoming Central Banking journal, Veerathai Santiprabhob says a "similar system" to the UK's Faster Payments service, called PromptPay, will "soon be launched". It is expected the first transactions will take place at the end of October.

It is part of the Bank of Thailand's efforts to improve the country's retail

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