Payment Systems Act

Payment Systems Act B.E. 2560 (2017)

In order to enhance the oversight and supervision of the payment systems and payment services to be in line with international standards, thus, ensuring efficiency, safety, security and public confidence, Payment Systems Act B.E. 2560 (2017) was enacted and has come into effect on 16 April 2018. Its structure is summarized as follows:

6 Chapters

Chapter 1 Highly Important Payment Systems

Highly Important Payment Systems: Prescribes the characteristics of the highly important payment systems which are the payment systems that are a principal infrastructure of the country whose problems or disruptions would be likely to affect members systemically, and handle large value fund transfers or used for clearing or settlement between members; including the payment systems operated by the BOT which are the inter-bank large value funds transfer systems (BAHTNET) and Imaged Cheque Clearing and Archive System (ICAS). In addition, the Minister of Finance has the power to designate other payment systems to be the highly important payment systems.

Chapter 2 Designated Payment Systems

Designated Payment Systems: Prescribes characteristics of the designated payment systems as follows:
    1) payment systems which are the center or network between system users for handling funds transfer, clearing or settlement such as retail funds transfer systems, payment card network, settlement system, etc.; or
    2) any other payment systems which may affect public interests, public confidence or stability and security of the payment systems.
Those intending to undertake the designated payment systems business shall obtain a license from the Minister of Finance or register with the BOT, as the case may be, prior to business commencement.

Chapter 3 Designated Payment Services

Designated Payment Services: Prescribes characteristics of the designated payment services that the business providers are required to obtain a license from the Minister of Finance or register with the BOT, as the case may be; as follows:
    1) provision of credit card, debit card, or ATM card services;
    2) provision of electronic money services;
    3) provision of accepting electronic payment for and on behalf of others;
    4) provision of electronic money transfer services;
    5) other payment services which may affect payment systems or public interests.

Chapter 4 Supervision, Examination and Rectification of Condition or Operation

Supervision, Examination and Rectification of Condition or Operation: The BOT is empowered to prescribe the regulations on supervision of the designated payment systems and designated payment services, to supervise and conduct examination on business providers, and to order for rectification of the financial conditions or operation.

Chapter 5 Appeal

Appeal: If the business providers do not concur with the order, they have the rights to appeal against such order.

Chapter 6 Sanctions

Sanctions: Consists of administrative sanctions for the case of non-compliance with the prescribed regulations and conditions, and criminal sanctions for the case of failure to obtain a license or registration prior to business commencement, or failure to provide information as the BOT ordered, etc.

Payment Systems Act B.E. 2560 (2017) and Related Notification

Payment Systems Act B.E. 2560 (2017)

Notification and Circulars under Payment Systems Act B.E. 2560 (2017)

Public Handbook (Payment Systems Act B.E. 2560)

Public Handbooks for the business provider of the designated payment systems and the designated payment services under the Payment Systems Act B.E. 2560 (2017)

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List of Payment Business Providers 

Verify information of Business Provider of Designated Payment Systems and Designated Payment Services according to the Payment Systems Act B.E. 2560

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License Application Process

For additional information regarding the payment system under Bank of Thailand regulation, the participants may visit the Payment System ACT B.E. 2560 (2017) and the process of applying for E- Payment license before conducting e-Payment business.

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