Thai banks to waive digital transaction fees amidst heated e-wallet competition

However, the move is estimated to slash profits by up to 5%.

Reuters reports that Thailand’s four largest banks are opting to waive digital transaction fees in an effort to rein in customers turning to alternative methods of money transfer.

Bangkok Bank, Kasikorn Bank, Siam Commercial Bank (SCB), and Krungthai Bank said that they would drop charges by April 2018 for digital transactions with other banks, money transfers across banking zones, bill payments, and cash withdrawals.

This comes as consumers are increasingly turning to a slew of digital alternatives including government-backed PromptPay, TrueMoney offered by telco firm True Corporation Pcl, and startup Omise for their money transfer needs.

Also read: Thailand's digital banking shift to boost banks' revenue

“We aim to respond to our customers’ needs,” said SCB’s first senior vice president, digital banking division, Tana Pothikamjorn.

However, the move is projected to slash profits by as much as 5% and hurt the market value of banks in the process.

Here’s more from Reuters.

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit