PromptPay, Prizes & EDCs In Govt Push For Cashless Society – Thai Law And Organization Specialist

In the middle of each and every month by means of till May 2018, winners will be randomly selected by the ministry via a prize draw. The leading reward is a Bt1 million present check, with Bt100,000 as the second prize and Bt30,000 as third prize.

The government, below the national e-payment strategy, desires to convince all sectors to switch from money-primarily based payments to electronic transactions. In a recent national broadcast, Thai prime minister Prayut Chan-o-cha said the government wanted to encourage the basic public to use the e-payment method, by means of the introduction of PromptPay.

The national income transfer and e-payment system, PromptPay was launched in late January of this year for folks and expanded to contain juristic persons on 1 March. It facilitates cash transfers by linking an individual’s ID card number and/or mobile telephone quantity to his or her bank account.

According to The Thai Bankers’ Association PromptPay – a collaboration between the government and banks – has been a fantastic accomplishment. The service is now reported to have around 29 million mobile telephone numbers registered as users, with 11.five million transactions obtaining been made. The total amount of funds flow was Bt69 billion, of which Bt19 billion was the transfer of benefit payments from the government to individuals.

Along with encouraging the public to use debit cards as an alternative of cash to make payments, the government is also attempting to widen the use of electronic data capture or EDC machines at points of sale all through the nation, in its push for a cashless society.

Banjongjitt Angsusingh, the director-common of the Division of Organization Improvement, mentioned in April 2017 the division had issued an announcement encouraging companies which receive payments from clients to install at least one particular EDC machine as an additional payment selection available to the public. The machine’s expense and installation charge would be waived and a business would be eligible for tax privileges as specified by the Revenue Division.

Business and shop operators can apply for an EDC machine from providers certified by the Finance Ministry. Amongst these is Bank of Ayudhya or Krungsri, which promotes its EDC service on its internet site as “…yet another distribution channel and development opportunity in addition to money payment.”

The government is also on a mission to promote digital technologies, and as part of this it desires to see the launch of more on-line companies. The purpose is for one particular million new online firms by the end of 2017, and cooperation between the education, agricultural and commerce ministries to assist new start off-ups as properly as farmers, cooperatives, neighborhood enterprises and SMEs understand much more about digital technologies is aimed at helping achieve this.

Meanwhile the Department of Industrial Promotion has introduced 5 free apps for use on mobile phones and tablets, with the aim of encouraging businesses to use on the internet communication channels. The 5 apps are Money Flow, Billing Flow, Stock Flow, Business Evaluation and DIP Organization Strategy.

“With its ‘Thailand 4.0’ strategy, the government desires to see Thailand turn out to be a high income nation and a digital primarily based society for sustainable development”, mentioned the spokesman for BSA Law, a top international law firm in Thailand established over three decades ago.

With a very knowledgeable team of lawyers, particular advisers and help staff, the firm delivers a extensive range of commercial and corporate legal and economic solutions to the Thai and foreign communities in Thailand. Places of distinct emphasis and experience at BSA Law contain firm law, Thai labour law, Thai law in general, intellectual house, true estate, investment, contracts, notarization and certification, insurance, starting a business in Thailand and taxation, accounting and auditing services. Its Thai visa service desk specializes in Thailand operate permit and visa matters.
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