NITMX partners with Mastercard to power Thailand's PromptPay

The two companies signed a new multi-year agreement, which will power PromptPay, the region’s RTP platform, to help develop Thailand’s growing digital economy. This builds on a long-established partnership that started in 2016, created to enable Thai businesses and citizens to transact more conveniently.

Driving development and inclusion

The digital payment market in the country continues to grow, driven by the use of PromptPay, which was developed by NITMX and built on Mastercard’s RTP technology. The solution was launched eight years ago and has seen rapid adoption, with a 13% YoY increase in transaction value. This highlights the country’s upgraded financial inclusion and adoption of PromptPay as a payment method for everyday payments amongst individuals. This benefits birth businesses and users, as merchants can display QR codes and receive payments directly to their bank accounts instantly and more conveniently, thus reducing their reliance on physical cash, banks, and investment in traditional payment terminals.

This enables SMEs such as mobile vendors, food stall owners, and tuk-tuk riders to go cashless and accept digital payments, connecting them to a financial ecosystem that offers more benefits and opportunities. Thai consumers can utilise PromptPay for shopping, receiving government welfare and tax rebates, and fast P2P transactions. Payments to government entities can be made by registering a citizen ID.

Additionally, transactions to friends and family allow for bill splitting by using a phone number to transfer funds. With the new deal, Mastercard will closely work with National ITMX to optimise and build on the service to enable further development.

Mastercard mentioned that the collaboration is shaping a key real-time payments ecosystem, enabling Thai people to have more choice on how to pay and get paid. NITMX is looking forward to strengthening the partnership with Mastercard and further developing PromptPay beyond just a payment platform, but as an enabler of inclusive digital growth that supports individuals, SMEs, and businesses, and that drives national development and growth, ensuring safe, simple, and accessible payments for all.