Mastercard launched PromptPay, a P2P payments application, in January 2017 in Thailand. The app now has more than half of the Thai population registered — 40 million people with over 173 million transactions and 700 billion baht ($22 billion) in money transfer value, according to data newly released by Mastercard.
The product comes from Mastercard’s Vocalink unit and it allows registered customers to transfer funds using a mobile phone with the mobile number or Thai Citizen ID number of the recipient. This is the type of P2P payments that is igniting across Asia right now — and PromptPay seems to be capturing a sizable portion of the Thai market.
Mastercard acquired Vocalink in 2016 for about $920 million.
Check out a current demo of the product below:2 - Readers Like This Post