Thailand’s main interbank payments provider National ITMX has signed an agreement with British payment infrastructure operator VocaLink to explore the potential development of a real-time mobile payments system in the country.
The companies intends to deliver immediate mobile payments and services to banks, consumers and businesses, underpinned by an instant payment capability based on the ISO20022 standard.
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"This will enable people to pay who they want when they want and businesses can improve cash flow, improve the e and m commerce experience for their customers and reduce drop out rates and fraud," VocaLink said in a statement.
National ITMX managing director Wanna Notarbhorn said: "We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems.
"We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand," Notarbhorn added.
Paul Stoddart, managing director of strategy, products, marketing and business development at VocaLink, said: "A real-time mobile payments system is a core enabler of applications that connect and engage banks and their customers — from P2P payments to mobile commerce.
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By GlobalData"It supports the development of an inclusive digital economy that benefits consumers, businesses and the wider economy. We are delighted to work with NITMX on developing payments opportunities in Thailand and their respected market position makes them an excellent partner."
VocaLink designed, built and manages the real-time technology behind the UK Faster Payments Service on behalf of the Faster Payments Scheme.
