Innovations and resilience in Thailand’s payment ecosystem: A comprehensive analysis — Connectivity initiatives, challenges and solutions

Budsakorn Teerapunyachai and Yanin Bawornkitchaikul
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Budsakorn Teerapunyachai: Payment and Bond Department, Thailand
Yanin Bawornkitchaikul: Payment System Policy and Financial Technology Department, Thailand

Journal of Digital Banking, 2024, vol. 9, issue 1, 67-85

Abstract: This paper examines Thailand’s strategic initiatives to promote FinTech innovations, cross-border payments, individual and business payments. The primary objective is to showcase how Thailand is successfully capitalising on opportunities in the rapidly evolving payment ecosystem. Central to this adaptation is the modernisation of Thailand’s payment systems, which plays a crucial role in accommodating diverse payment preferences. A consensus on policy statements, guiding policies and collaborative approaches is deemed essential to increase competitiveness and consolidate Thailand’s position as a regional leader in payments. This leadership requires the dissemination of innovative and diverse initiatives focused on enhancing financial connectivity, thereby improving the quality of life and economic prosperity. The extensive use of Quick Response (QR) codes and PromptPay for cross-border transactions, which enable real-time international fund transfers, are important initiatives. Additionally, PromptBiz seamlessly facilitates the transfer of trade data and payment information, particularly benefiting businesses engaged in these processes. Concurrently, the integrity and security of the financial ecosystem are secured through meticulous risk management and mitigation efforts, ensuring a robust foundation for sustained growth and innovation.

Keywords: payment connectivity; FinTech; cross-border payment; Standardised QR; PromptBiz; resilience (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2024
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