Thailand-based National ITMX has extended its collaboration with Mastercard to support real-time payments in Southeast Asia. The companies signed a new multi-year agreement that will power PromptPay, the region’s RTP platform, to aid in the development of Thailand’s digital economy. This partnership builds on an existing relationship initiated in 2016, designed to enable Thai businesses and citizens to transact more conveniently.

Driving development and inclusion

The digital payment market continues to grow in the country, driven by PromptPay, developed and built on Mastercard’s RTP technology. Since its launch eight years ago, PromptPay has seen a 13% yearly increase in transaction value, highlighting Thailand’s enhanced financial inclusion and adoption of digital payments for everyday transactions. This benefits both businesses and users who can display QR codes to accept instant and convenient direct bank transfers.

Small and medium-sized enterprises (SMEs) such as mobile vendors, food stall owners, and tuk-tuk riders can now operate without relying on cash or traditional payment terminals. Thai consumers utilize PromptPay for various purposes, including shopping, receiving government welfare and tax rebates, making fast peer-to-peer transactions, and paying governmental entities using their citizen ID.

Additional features like bill splitting via phone numbers further enhance the platform’s utility. The new collaboration will help National ITMX optimize and expand PromptPay to support a broader range of services that drive inclusive digital growth, supporting individuals, SMEs, and businesses while fostering national development.