Multi Proxy Service works by securely storing and mapping a person or business’ alternative unique identifier(s) to their bank account details. PromptPay comprises a real-time payment infrastructure and proxy look-up service, our Multi Proxy Service. The Bank of Thailand reports that it has significantly contributed to the 83 percent volume growth in digital payment transactions since 2016. Uptake has grown steadily, while usage has accelerated from a mere 57,000 transactions per month at launch to now average 4.5 million transactions a day. As of June 2019, PromptPay registrations total 49 million, including over 30 million with a Citizen ID and 16 million with a mobile phone number. National payment schemes using a proxy look-up service operate in a number of markets around the world, including the UK, Sweden and Denmark, but one of the most transformational is PromptPay in Thailand, which Vocalink, a Mastercard company helped to launch in 2017. When financial institutions come together to implement a proxy-enabled payment solution at a network-level, it provides more universal access than a closed-loop solution.ĭriving the transformation to a digital economy At the same time, the prevalence of smartphones among both the banked and un-banked population makes a proxy look-up service a logical as well as an easy solution for many.įrom a shared restaurant bill, or a gift from grandma, to receiving government benefits or paying for goods or services, this method of payment provides people with a quick, convenient, and therefore viable alternative to cash or cheque. People are largely accustomed to sharing their mobile number or citizen ID, either to prove their identity, access information or benefit from a service, so using these identifiers as proxies for bank accounts is an extension of established behaviours rather than the adoption of new ones. Proxy or alias look up services address three linked challenges in driving adoption of digital payments: overcoming established - and often cherished - mechanisms and behaviours such as the use of cash combatting the risk of human error when entering a recipient’s bank account information and people’s resistance to sharing their sensitive account information with a counterparty. Proxies also enable further payment innovation to fuel continued growth of the digital economy.
One way we’re making digital payments more intuitive is using the power of proxy services - allowing people and organisations to send (and receive) payments using an alternative to bank details, such as a mobile number or citizen ID.Īs evidenced by the widespread adoption of our proxy-enabled payment solution in Thailand, this technology can help overcome people’s resistance to try digital payments, and make them more accessible for excluded populations. Hence our recently expanded commitment to include one billion people, 50 million small businesses and 25 million women entrepreneurs by 2025.īut getting people to engage with new payment solutions is about more than just providing access to them - it’s about ensuring digital payment solutions are more convenient, safer, and more intuitive to use than the alternatives. At Mastercard, we believe that the more people and businesses we can include in the digital economy, the better it will work for all.
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