Financial technology in Thailand is changing rapidly, driven by growth factors such as high-speed internet, widespread smartphone use, and the development of payment methods, including PromptPay and payment links. These variables have changed the way companies conduct business and how people live their daily lives. Financial transactions can be carried out in real time, and confirmed results within 24 hours have become a standard that modern customers expect. Therefore, it is important for businesses to adapt to this payment trend. It can enhance competitiveness and help measure a business’s potential in the digital market.

This article explains real-time payments (RTPs) and what payment options are available in Thailand. We also discuss the benefits of RTPs and introduce comprehensive payment solutions to help businesses succeed in a fast-paced market.

What’s in this article?

• What are real-time payments (RTPs)?
  
• Real-time payment channels in Thailand
  
• Benefits of real-time payments
  
• How Stripe Payments can help
  

What are real-time payments (RTPs)?

RTPs are money transfers that can be completed within a few seconds. The results can be confirmed instantly, unlike traditional money transfer systems that can take days or more.

RTPs are starting to gain popularity in Thailand, especially after the launch of PromptPay—a money transfer and payment service developed by the Bank of Thailand that links a customer’s mobile phone number or ID card to their bank account. In addition to PromptPay, Thailand also offers other digital payment services that support RTPs, such as mobile banking, quick response (QR) codes, and payment links. These options can help businesses and customers conduct financial transactions efficiently and quickly, using strict security measures.

Real-time payment channels in Thailand

The Thai market offers various digital payment services that support RTPs, including the following:

Mobile banking

Making an online transaction via a mobile banking application allows customers to transfer funds and pay for goods and services instantly without the need for cash. Transactions via mobile banking are also fast and secure, and the transaction status is verifiable in real time.

PromptPay

This service allows customers to transfer and receive money in real time. In Thailand, customers can link their bank accounts with their phone numbers or national ID card numbers to receive and transfer money without fees, as long as the transaction is within the ฿5,000 limit. Transactions via PromptPay can reduce fees compared to other forms of money transfer. Online and offline businesses, individuals, and legal entities can all use this service. PromptPay is under the supervision of the Bank of Thailand, which has strict security and consumer protection requirements.

Digital wallets

Digital wallets are online accounts customers can easily top up through bank transfers, automated teller machines (ATMs), in-store counter services, or links to credit cards or debit cards. This payment method has become popular in Thailand because it offers convenient, secure, and fast payments for goods and services. Popular examples include TrueMoney, LINE Pay, and ShopeePay. To encourage customers to use digital wallet platforms, businesses often offer promotions, discounts, loyalty points, or cashback rewards.

QR codes

Customers can make payments by scanning QR codes with their bank apps or digital wallets. The customer can simply open the app and scan the QR code to make the payment
instantly, without having to carry cash or cards. This can reduce the risk of the customer’s credit card information being stolen. Payment does not require the customer to type in an account number, which can reduce the risk of errors or delays. This is a convenient and fast method that can be used with various banking apps and digital wallets. It’s suitable for everyday use and online purchases.

Payment links

Payment links can be generated and sent to customers via communication channels used for buying and selling, such as social media, email, or short message service (SMS). When a customer clicks the link, they are taken to a secure online payment page. A single link often supports various payment methods—such as credit cards, PromptPay, or digital wallets—allowing online payments without a website or application. There is no need to create a shopping cart system or connect to an application programming interface (API), both of which can make the process more complicated. Payment links can reduce steps, making them convenient and fast ways to accept payments. They can also reduce errors in money transfers, as the system automatically fills in the amount.

Payment gateways

Payment gateways are centralized systems that help verify and securely send and receive payment information between businesses and card service providers or banks. They can be used with credit card, debit card, or digital wallet payments. When a customer places an order, the system encrypts the data and verifies its authenticity before sending it to the financial institution for approval. This can allow businesses to accept payments securely and quickly, whether on a website or ecommerce app. Businesses that use payment gateways don’t have to manage customer credit card information, making payment gateways highly secure systems with various fraud prevention features.

Near-field communication (NFC)

Near-field communication technology allows fast data transmission between two devices across just four centimeters. This technology provides security and control of communication, which can reduce the likelihood of a customer being scanned or hacked from a distance. NFC is used in contactless payment systems, such as NFC-enabled smartphones with card readers that can perform instant transactions without a customer’s personal identification number (PIN). Prepaid cards with NFC chips can also increase convenience and payment speed.

Benefits of real-time payments

Keeping up with RTP trends is important for businesses to maintain a competitive edge in the market. Businesses can also benefit from using RTPs in many other ways:

• Provide efficient and quick service
  RTPs can allow businesses to provide services quickly without waiting for approval. RTPs can also confirm results instantly any time of day, reduce the risk of delays, and provide a better payment experience by increasing customer satisfaction and convenience.
  
• Meet customer needs
  Today’s customers expect modern and fast service. Businesses that support RTPs are well-equipped to meet these needs. This is especially true for customers who require online purchases and sales with just a few clicks, transfers to recipients in seconds, or the convenience of checking financial information instantly.
  
• Increase competitiveness
  RTP technology can enable businesses to deliver superior service and outperform competitors. Businesses that adapt quickly to RTP trends can gain a competitive advantage, which can help expand their customer base by attracting new customers and retaining existing ones.
  
• Use highest safety standards
  Technology that supports RTPs can help identify and detect unusual transactions with artificial intelligence (AI), which can help prevent fraud and corruption. With the highest level of security, RTP technology verifies and records every transaction, which can increase security and help make customers feel confident in the payment process.
  
• Gather marketing data
  Data obtained from RTPs can help businesses improve or expand, respond to customer needs, and cope with market changes. These can include fluctuations in product prices or changes in customer purchasing behavior. Businesses can respond by adjusting prices or offering new promotions.
  
• Reduce errors and work time
  Systems that support RTPs often use automation—such as AI—which can instantly check financial status, reduce errors, and shorten data processing time. This can reduce repetitive tasks—such as data entry or verification—that previously required human intervention. This can help businesses prevent, identify, and resolve issues faster.
  

How Stripe Payments can help

Stripe Payments provides a unified, global payments solution that helps any business—from scaling startups to global enterprises—accept payments online, in person, and around the world.

Stripe Payments can help you:

• Optimize your checkout experience: Create a frictionless customer experience and save thousands of engineering hours with prebuilt payment UIs, access to 125+ payment methods, and Link, a wallet built by Stripe.
  
• Expand to new markets faster: Reach customers worldwide and reduce the complexity and cost of multicurrency management with cross-border payment options, available in 195 countries across 135+ currencies.
  
• Unify payments in person and online: Build a unified commerce experience across online and in-person channels to personalize interactions, reward loyalty, and grow revenue.
  
• Improve payments performance: Increase revenue with a range of customizable, easy-to-configure payment tools, including no-code fraud protection and advanced capabilities to improve authorization rates.
  
• Move faster with a flexible, reliable platform for growth: Build on a platform designed to scale with you, with 99.999% uptime and industry-leading reliability.
  

Learn more about how Stripe Payments can power your online and in-person payments, or get started today.