Thailand Post branches out into banking

Thailand Post has joined hands with 10 banks to provide money deposit services via its 1,200 branches and counter services nationwide. 

The firm expects 50,000 transactions per month with value of around Bt700 million in the next three months.

Thailand Post president Smorn Terdthumpiboon said the firm is partnering Bank of Ayutthaya, CIMB Thai Bank, Krung Thai Bank, Kiatnakin Bank, Government Savings Bank, Kasikornbank, Siam Commercial Bank, Thai Credit Retail Bank, Tisco Bank and Thai Military Bank for the money deposit service. 

The Bank@Post services will serve as a counter for banks, which are reducing the number of their branches in recent times. The service targets upcountry customers and online shop owners who can deposit their money via Thailand Post branches and counter services. The maximum deposit is Bt20,000 to Bt50,000 per transaction depending on the terms and conditions of each partner bank.

The firm will also launch a promotion campaign for customers, with fee charge for deposits at Bt5 per transaction from now util the end of April.

She said that the Bank@Post services will serve as an alternative choice for people who live upcountry. They will be able to deposit their money via Thailand Post branches and counter services without going to the bank.

The firm in the second quarter will invite Bangkok Bank to participate in the Bank@Post services. It will also provide new money withdrawal services while in the next step, it will provide loans and e-KYC (know your customer).

She said by the end of this year Thailand Post will install e-KYC machines.

Recently, Thailand Post initiated many other financial services such as COD through Wallet@Post Application, which has recently been used for 1 million transactions, traffic ticket payment at post office and M-Pass top-up service for automatic payments for tollways and expressway.

The firm by the end of this year expects to generate revenue of around Bt30 billion revenue with net profit of around Bt4.4 billion.

The Nation

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