The GSB launched its “MyMo” mobile banking app two years ago, but only recently has upgraded the software to include the new “MyMo Pay” feature so that customers of any bank can use the app to instantly pay for goods and services, explained GSB Phuket Director Yadaporn Sriphat on Monday (Aug 28).
The launch comes amid the national government’s push for a cashless society, and as major private banks continue to roll out their own e-pay services.
While the Bank of Ayudhya “Di Wallet” is a “pre-paid” system whereby users must first deposit funds into a dedicated account to draw from, MyMo Pay like the Kasikornbank (KBank) “K Plus” mobile app is a “debit system” that can draw from any associated account defined by the user.
“This new service is in the application ‘MyMo’, a mobile banking app that the Government Savings Bank launched more than two years ago which now has more than 1.5 million users,” Ms Yadaporn explained.
As reported by the Bangkok Post, the state-owned GSB is the only financial institution in Thailand that has commercially rolled out QR code payments through its MyMo Pay app, which as a debit QR code payment system is similar to Alipay and WeChat Pay. (See story here.)
Further, the new version of the MyMo app also features “MyMo My Card”, which uses QR codes to enable users to make withdrawals from ATMs.
“The idea of the service idea is ‘Simple Life with every day joy and happiness by MyMo Pay’,” Ms Yadaporn said at the MyMo Pay launch on Tuesday.
Security has been a top concern in developing MyMo Pay, Ms Yadaporn added.
“The service has received ISO/IEC27001:2013 certification as a secure information management system. Our customers can be sure that our service is safe,” she explained.
“Users will have convenience and security. This will make it easy to buy products and services. Money is paid directly to the shop’s account, and can be checked immediately.
“This service will change how we normally buy and sell things and we will no longer have to carry around cash, and bring us closer to government’s policy of us becoming a ‘cashless society’,” Ms Yadaporn added.
“In Phuket, there are already many shops and operators that use the MyMo app. Just look for the pink signs. So far we have received a lot of good feedback, especially how convenient it is and how fast and easy it is to use,” she added.