Digital payments across Thailand are four times as frequent as they were before the COVID-19 pandemic, as the country’s infection rate is increasing the need for online services, the central bank told Reuters in report on Monday (Oct. 11).
Thailand’s most recent pandemic outbreak started in April and accounts for more than 98% of the COVID-19 cases and deaths, leading to harsher restrictions this summer.
The 28 million daily transaction count through the PromptPay platform is “quite a big jump” from pre-pandemic levels, Assistant Governor Siritida Panomwon Na Ayudhya said.
Central bank data shows transactions were in the 7 million daily range in 2019 and 14.5 million in 2020.
The partnership connected GME Remittance, one of the largest non-bank remittance service providers in South Korea, to Siam Commercial Bank (SCB), one of Thailand’s largest lenders by assets. There are about 180,000 Thailand natives in South Korea.
“The remittance corridors requiring high-performance payments to this region are growing exponentially — with people needing to send money round the clock, even on holidays or weekends,” said Emi Yoshikawa, vice president of corporate strategy and operations at Ripple, in the announcement.
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