Thailand-based National ITMX has expanded its partnership with Mastercard to support real-time payments in Southeast Asia. The companies signed a new multi-year agreement that will empower PromptPay, the region’s RTP platform, to further enhance Thailand’s digital economy.

Driving Development and Inclusion

The digital payment market continues to expand in Thailand, with PromptPay seeing rapid adoption since its launch eight years ago. This solution, developed by National ITMX and built on Mastercard’s Real-Time Payments (RTP) technology, has witnessed a 13% yearly increase in transaction values. It supports financial inclusion, enabling everyday transactions among individuals through the use of QR codes.

By going cashless with PromptPay, small and medium-sized enterprises (SMEs), such as mobile vendors, food stall owners, and tuk-tuk riders, can now accept digital payments directly into their bank accounts instantly. This reduces reliance on physical cash and traditional payment terminals, benefiting both merchants and customers alike.

Thai consumers can use PromptPay for various transactions including shopping, receiving government welfare and tax refunds, and making quick person-to-person (P2P) transfers. Transactions to friends or family are facilitated by using a phone number to transfer funds easily.

With the renewed agreement, Mastercard will work closely with National ITMX to refine and enhance the service, fostering further growth in the digital ecosystem for individuals, SMEs, and businesses.

Mastercard highlights that this collaboration is pivotal in shaping real-time payments systems within Thailand, offering citizens more payment choices. National ITMX expresses optimism about bolstering their partnership with Mastercard to expand PromptPay beyond a mere payment platform, transforming it into an enabler for inclusive digital growth that supports national development.