Mastercard’s PromptPay Hits 40M Users in Thailand (DEMO VIDEO)

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:

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JJ is the Executive Editor & Publisher of Bank Innovation and CEO of Royal Media, its parent company. He has been writing about banking since 1993.

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