Thai Digital-Payment System May Save Banks $2 BillionBy
PromptPay digital payment service due in Thailand this quarter
Banks’ industry body says savings will offset hit to revenues
Thailand is due to roll out a national digital-payment system that levies much smaller transaction fees than the nation’s banks. Yet lenders expect the network to help rather than hinder them financially.
Commercial banks could save some 77 billion baht ($2.18 billion) in the next 10 years as the so-called PromptPay service curbs the use of cash, according to Thai Bankers’ Association Chairman Predee Daochai. That will exceed the revenue loss from money transfers and payments by 20 billion baht, he said…
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