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Real-time payments in Thailand: V-Bull and Citi Bank set new standards!
Citi Bank and V-Bull (Thailand) now offer real-time payments for investors to make capital management more efficient.
Real-time payments in Thailand: V-Bull and Citi Bank set new standards!
The world of digital payments in Thailand is undergoing an impressive transformation, and in a significant step in this direction, Citi Bank recently announced that investment firm V-Bull (Thailand) has implemented the Citi Instant Payments solution. This innovative solution enables 24/7 real-time withdrawals for investors in Thailand. It is the first time that a securities company in Thailand is connected to Citi Payments Express, increasing flexibility and efficiency in capital management and meeting the need of the modern digital economy.
Citi Bank Thailand CEO Narumol Jiwanakorn highlights that the evolution of payment systems towards real-time speed will impact all business models worldwide. These technological advances could increase Thailand's GDP by about 2.7% by 2028, worth around $16 billion or over 528 billion baht, according to the Citi Institute.
Overview of the benefits
The advantage that Citi Payments Express technology offers is the support of stable and high transaction volumes, which is cloud-based. Through this technology, companies, especially investment firms like V-Bull, are able to respond quickly to the needs of their investors. V-Bull enables Thai investors to trade US securities and offers a variety of investment features including 24-hour trading. Choldet Khemaratana, CEO of V-Bull, emphasizes the benefits that this payment solution brings to users: a convenient and seamless experience as well as instant access to capital.
What is still normal in Thailand are QR code payments. These have become standard not only for street sales but also for shopping in department stores. Digital payments, which initially started with bank transfers and card payments via EDC devices, are steadily growing in popularity thanks to the launch of PromptPay by the Bank of Thailand (BOT). PromptPay, launched in 2016, links citizen identification or mobile phone numbers to bank accounts, which is great for real-time payments.
The future of digital payments
The COVID-19 pandemic and increased access to technology have significantly accelerated the trend towards digital payments in recent years. Mobile banking and e-wallets have emerged as popular alternatives, with leading brands such as TrueMoney, LINE Pay and ShopeePay. By 2025, the number of mobile wallet users in Thailand is estimated to reach nearly 68 million, representing an impressive increase. Notably, the value of the fintech market in Thailand reached around 47.7 billion baht in 2023, reflecting the growing interest in digital payment methods.
The Bank of Thailand also plans to integrate smart technologies into its financial transaction systems, which could further revolutionize digital payments. Given the continued interest in cryptocurrencies, progress can also be expected in creating secure blockchain transfers to ensure security in decentralized financial systems. Given all these developments, the future of cashless payment methods in Thailand looks bright.