Kasikornbank's (KBank) payment transactions via quick response (QR) code got off to a slow start, with an average transaction rate of 0.25 per user per day, although the bank managed to capture about 500,000 merchants to accept new digital payments.
KBank plans to spend more time teaching people about the new payment technology via educational and marketing campaigns, said senior executive vice-president Patchara Samalapa. The bank expects it could take a year to raise interest and awareness of QR code payments, he said.
"The number of merchants accepting QR code payments is quite reasonable and there are opportunities to increase the figure. KBank will focus on real usage," said Mr Patchara.
The simple process involves scanning QR codes at stores and having merchants confirm the payment, causing banks to predict a boom in digital payments, as happened in China.
KBank's PromptPay-based QR code payment is one of the first five banks approved by the Bank of Thailand last month to offer the service commercially across the country.
Siam Commercial Bank, Krungthai Bank, Bangkok Bank and Government Savings Bank were also approved.
The Bank of Thailand issued a statement yesterday announcing three more banks -- Bank of Ayudhya (BAY), Thanachart Bank and TMB Bank -- have been permitted to roll out QR code payment service commercially.
Thanachart Bank said that it is trying to enrol more merchants to offer the bank's QR code payment service to customers.
Mr Patchara said KBank it initially targeted its QR code payment service to small merchants with low customer traffic, which could be a cause for the low transaction rate.
In the next phase, the bank will expand the service to larger merchants such as shopping malls, and collaborate with corporate customers.
KBank, the country's fourth largest lender by assets and No. 1 in digital banking with around 8 million mobile banking users, is also adopting bill payment via QR code under cooperation between the authorities and private companies.
The bank expects QR code bill payment to be launched next year.
KBank has joined forces with national oil and gas conglomerate PTT Plc (PTT) to offer QR payment to six merchant brands at 2,200 shops located in PTT's petrol stations in Bangkok and surrounding areas. The service will be available in the second quarter next year.
