Analysis of the Mobile Banking development and battle as the world moves towards a cashless society

According to the latest information from the Bank of Thailand, in 2016, Thai people made both money transfers and payments for various services via Mobile Banking, increasing rapidly, increasing to 20.8 million accounts from 13.92 million accounts at the end of 2015. Mobile cloud based corporate digital banking software will soon become the bank’s mainstream transaction. Which when the behavior of using financial services has changed, Banks have to face change. Without being able to do the same business model, Many banks are therefore launching a high competition through Mobile Banking, as seen from the beginning of this week, including holding press conferences to overhaul the app. new app launch and promoting innovations in the financial world to lead Thailand towards ‘Cashless Society’ or ‘Cashless Society’  before foreigners enter the space.

SCB promotes as Lifestyle Banking

They are starting from SCB that has been trending since last week, to the extensive facelift of the 3rd version of the application before the grand launch of the app. Sweeping artists and celebrities to participate in a crowded event By using the old name SCB easy to redefine ‘Lifestyle Banking App’ from boring apps. Turn it into an app your customers will love. Ready to push Thailand into a cashless society according to the National e-Payment plan by highlighting the highlight features are

  • Cardless ATM: A feature that connects digital and cash, where SCB EASY users can use the app instead of their debit/ATM cards. Withdraw money at an ATM without an ATM card
  • QR Scan Payment: This allows you to pay to merchants who subscribe to the PromptPay service conveniently.
  • Easy Bonus: various privilege functions through the app when the customer makes a transaction which can receive multiple lifestyle privileges
  • Easy App Protection: For those afraid of using Mobile Banking, SCB dares to guarantee and protect their safety even if the customer makes a mistake.
  • Dining: A function that responds to the lifestyle of the SCB EASY application in collaboration with Wongnai to present exciting content about restaurant trends. along with special discount deals for SCB EASY application users, especially

It can be said that this grand press conference is a demonstration of SCB’s position in wanting to become a leader in Mobile Banking. But it’s time to adjust and win the customer base to stay with the bank.

KBank launches a new app to compete with Alipay, Wechat Pay.

Same day Kasikorn Bank, which is considered a leader in banking low code for financial application development  the first Mobile Banking App with the KPlus app with a user base of 6 million, has launched a new app, K PLUS SHOP, the first app for app stores in Thailand.

By K PLUS SHOP is the ‘payment technology with a QR code on mobile phone’ under the new definition ‘takes crush pay immediately,’ the advancement of technology QR code to create a fast payment experience, easy access to customers and distributors. Small shops with a transfer amount of not more than 50,000 baht/transaction, targeting three groups of customers, namely restaurants and beverages. Fashion shop and daily travel, such as motorcycle taxis, In the beginning, there were service areas in 3 large shopping centers in Bangkok, the Platinum Fashion Mall Pratunam, which has a total of more than 10,000 stores, before preparing to expand nationwide at the end of this year. Aims for more than 200,000 merchants, with a transaction value of 800 million baht this year.

Apart from Thai customers, KASIKORNBANK also plans in the future to be able to accept payments from Chinese tourists traveling in Thailand through QR codes in applications popularized by Chinese tourists such as Alipay and WeChat, which  K PLUS SHOP  will be the way to go. An opt-in payment is an alternative to consumer groups. And it is an innovation that helps drive Thailand into a cashless society according to the government’s policy. And in other words, it is to rush to grab the Thai customer base. before other banks, including Mobile Payment other than banks.

Krungsri overhauls the app Ready to support innovation

The next day, the Bank of Ayudhya also held a press conference. It is a facelift of the app like a commercial bank. But it is focusing on innovative technologies such as AI and Chatbot to use, which still does not miss the payment Low code ISV Banking and financial services by QR code under the app name ‘ Krungsri Mobile Application, ‘abbreviated as  ‘KMA.’

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