The standard QR code to be announced this month

The Bank of Thailand will announce its standardized quick response (QR) code for electronic cash payments later this month, Fund Minister Apisak Tantivorawong said.

c1_1303132_620x413With a standard code, financial institutions would be able to introduce QR code-based payment services, he said.

Unlike payment with credit, QR services bear lower expenses than payment with cards and electronic data capture (EDC) terminals, the minister said. Fake is impossible and fraud is rare with QR payments.

However, EDC terminals should still be installed because of the fact that not all people have smart gadgets to utilize QR code services, Mr Apisak said.

The government intends to install 560,000 EDC terminals at chosen areas by next March. As of June, 184,000 had been installed.

Utilization of a QR code allows clients make charge payments in seconds, for instance by just scanning the QR code on their paper or electronic bill with their mobile or tablet gadget.

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The minister also reported progress on the national e-payment scheme.

To date, 31.5 million individuals had enlisted for PromptPay money transfer services. Of these, 23.5 million individuals enrolled with their ID cards and the rest with their cell phone numbers.

Mr Apisak said that next year the government would pay and receive cash totally via electronic means.

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