Siam Commercial Bank releases two mobile payments apps
Thailand's Siam Commercial Bank (SCB) has launched a pair of mobile apps as it seeks to become Thailand's largest mobile banking provider. The Merchant mPos app, aimed at small and medium-sized enterprise merchants and shoppers, enables businesses to manage inventory, check daily sales and accept payments via PromptPay, while the Chatuchak Guide app uses intelligent geomagnetic navigation technology to help shoppers find merchants. Around 1,000 outlets are expected to have signed up for the Chatuchak Guide by October.
SCB rolls out two mobile applications

SCB president and chief executive Arthid Nanthawithaya (left) with Siripong Preutthipan, chairman of the board at Chatuchak Weekend Market, State Railway of Thailand, after signing a deal to bring a digital platform to the popular market.

Siam Commercial Bank (SCB) has introduced two mobile apps for small and medium-sized enterprise (SME) merchants and shoppers to nudge them towards digital payment channels. The move further aims to make the bank Thailand's largest mobile banking provider.

SCB yesterday launched Merchant mPos, a fully integrated point of sale (POS) platform. The app lets merchants manage their inventory, check daily sales and accept payment through PromptPay.

The bank also launched the Chatuchak Guide app, which lets buyers accurately search for and find merchants with an intelligent geomagnetic navigation technology, as well as benefit from real-time sales promotions.

SCB has joined forces with the State Railway of Thailand under the digital platform project with the aim of bringing Chatuchak Weekend Market into the 4.0 era. The digital platform is intended to help merchants attract shoppers worldwide.

Pikun Srimahunt, senior executive vice-president and head of the SME segment, said the roughly 10,000 Chatuchak merchants are the bank's target audience for using the new digital app.

Some 1,000 merchants are expected to use the app by October, she said.

The digital platform is intended to support SME sales, business management and operational cost control, while providing them with a more convenient and secure payment system.

The bank has recently put its focus on educating SMEs about digitalisation in order to strength their long-term business operations.

SME clients who want to join the bank's digital platform are required to open SCB's savings accounts, apply for SCB's mobile banking app and sign up for SCB's PromptPay service.

SCB, the country's second-largest mobile banking provider with more than 4 million users, recently said that it aimed for its number of users to increase to 5.5 million by year-end, overtaking Kasikornbank as the country's largest mobile banking provider.

SCB, the country's third-largest lender by assets, spent 97 million baht developing the mobile app.

SCB plans to collaborate with two large Chinese digital payment service providers, AliPay and wePay, to offer greater payment convenience to tourists from China.

The bank will adopt more features to boost benefits and convenience for both users and merchants in the next phase.

SCB shares closed yesterday on the Stock Exchange of Thailand at 144.50 baht, unchanged, in heavy trade worth 1.56 billion baht.