Internet banking rises 107 per cent
Internet banking has become increasingly popular among consumers, with the value of transactions having risen 107 per cent last year, says the Bank of Thailand (BOT).
The total value of Internet banking transactions last year was Bt2.72 trillion, double the Bt1.14 trillion for 2004, a result of promoting easy-access and convenient services by commercial banks, says BOT's annual payment-system report. The number of Net banking users jumped 18 per cent to more than 1.78 million. There were only 1.5 million users in 2004. Last year, 36 per cent of transactions were payments for goods and services, followed by 27 per cent for salary payments. Transactions within a single bank accounted for 25 per cent of total Internet payments, while those between banks were only 0.01 per cent. However, Internet transactions represented 54 per cent of intra-bank payments, while Net payments represented 43 per cent of those for goods and services. Salary payments represented 2.3 per cent of Internet transactions. As a result, banks' income from Internet payments grew 15 per cent last year, to Bt34.4 billion. But that growth was less than the 19-per-cent increase recorded in 2004, because non-bank institutions have taken a more active role in the business. Most bank income was from payment, ATM/electronic-banking and credit-card services, accounting for 33, 29 and 25 per cent, respectively. The report also said post-office payment services, or Pay at Post, had increased dramatically and was expected to become a major income source in the future. Those transactions totalled 30.63 million, up from 29.15 million in 2004. Transaction value rose 23 per cent last year, to Bt81.17 billion, due to service modernisation at post office counters, particularly online money-order services. Online money-order services recorded 29.6 million transactions last year, up from 27.9 million in 2004. The service has mushroomed with its convenient 15-minute money transfers in Bt50,000 units. The process ends with only a receiver's identity card required for confirmation. The popularity of online money orders has seen reductions in other types of service transactions, including a 17-per-cent drop in post-office bills of exchange. Foreign money orders also declined 4 per cent since the post office became an agent for Western Union. Anoma Srisukkasem The Nation
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