In 2016, funds big Mastercard and Nationwide ITMX (NITMX), the digital funds developer and repair supplier in Thailand, introduced a partnership. Now, nearly a decade later, the 2 organisations are extending their collaboration to additional develop Thailand’s rising digital financial system.
Working collectively, Mastercard and NITMX will energy PromptPay, the real-time funds (RTP) platform in Southeast Asia, which is able to deliver extra Thai residents and companies into the digital financial system. For the previous 9 years, the 2 companies have been enabling thousands and thousands of particular person and companies in Thailand to transact seamlessly utilizing PromptPay.
Launching a yr after Mastercard and NITMX initially introduced their partnership, PromptPay has since seen over 81.06 million registrations as of the top of March 2025. In March alone, 2.1 billion transactions with a complete worth of greater than 4.43trillion baht have been recorded on PromptPay, a 13 per cent improve year-on-year. This displays the nation’s enhancing monetary inclusion and widespread adoption of PromptPay as a ubiquitous cost technique for on a regular basis transactions amongst people.
Winnie Wong, nation supervisor, Thailand and Myanmar, Mastercard, mentioned: “PromptPay has dramatically modified the best way Thai shoppers and companies transact with each other, and the constructive affect it has made within the nation can’t be understated.
“Mastercard is worked up to increase its collaboration with NITMX, and to proceed bringing progressive, handy and safe cost options that not solely drive monetary and digital inclusion but in addition help the Financial institution of Thailand’s imaginative and prescient to remodel the nation’s digital monetary infrastructure – in the end benefiting Thai residents and companies and advancing Thailand’s digital financial system.”
Everyone seems to be a winner
PromptPay’s huge progress has benefited each companies and people within the nation. Retailers can show a QR code and obtain funds on to their financial institution accounts simply and immediately, lowering their reliance on money and the necessity to go to the financial institution or put money into a conventional cost terminal.
This has enabled even the smallest of retailers, together with cellular distributors, meals stall house owners and tuk tuk riders, to go cashless and settle for digital funds – connecting small enterprise house owners to the digital monetary ecosystem and bringing extra alternatives to them.
Developed by NITMX and constructed on Mastercard’s RTP expertise, Thai shoppers can use PromptPay to pay for procuring, obtain authorities welfare and tax rebates in addition to ship cash to buddies – all in seconds. Authorities funds could be made by registering a Citizen ID and people can cut up the price of a meal by merely utilizing a cellphone quantity to switch funds. Over the brand new contract, Mastercard will work with NITMX to refine and construct on the service to allow the subsequent technology of progress.
Bryan Sharkey, EVP real-time funds worldwide, Mastercard, who oversees the NITMX product, mentioned: “Our collaboration with Nationwide ITMX has been instrumental in shaping one of many world’s most superior real-time funds ecosystems, enabling individuals in Thailand to decide on how they pay, and receives a commission.
“We’ve got been on the bottom with the NITMX crew when PromptPay went dwell again in 2017 and now we have had the privilege of witnessing NITMX and the market take this actual time functionality onto unparalleled success. As we go a decade of collaboration, we’re thrilled to be working with NITMX on the subsequent technology of real-time cost options that may provide individuals and enterprise new methods to transact in real-time.”
Success of NITMX
NITMX is a partnership between 35 member banks and two non-bank establishments working collectively to create Thailand’s vibrant funds ecosystem. It offers sturdy and environment friendly digital monetary companies that help the nation’s evolving financial system.
“We’re proud to proceed our collaboration with Mastercard, which has been instrumental in constructing some of the superior real-time cost programs on this planet,” mentioned Chatchai Dusadenoad, managing director of NITMX.
“PromptPay is greater than a cost platform — it’s an enabler of inclusive digital progress that empowers people, helps small companies, and drives nationwide innovation. As we enter a brand new section of improvement, NITMX stays dedicated to strengthening Thailand’s digital infrastructure and making certain secure, seamless, and accessible funds for all.”
