In 2016, payments giant Mastercard and National ITMX (NITMX), the electronic payments developer and service provider in Thailand, announced a partnership. Now, almost a decade later, the two organisations are extending their collaboration to further develop Thailand’s growing digital economy.
Working together, Mastercard and NITMX will power PromptPay, the real-time payments (RTP) platform in Southeast Asia, which will bring more Thai citizens and businesses into the digital economy. For the past nine years, the two firms have been enabling millions of individual and businesses in Thailand to transact seamlessly using PromptPay.
Launching a year after Mastercard and NITMX initially announced their partnership, PromptPay has since seen over 81.06 million registrations as of the end of March 2025. In March alone, 2.1 billion transactions with a total value of more than 4.43trillion baht were recorded on PromptPay, a 13 per cent increase year-on-year. This reflects the country’s improving financial inclusion and widespread adoption of PromptPay as a ubiquitous payment method for everyday transactions among individuals.
Winnie Wong, country manager, Thailand and Myanmar, Mastercard, said: “PromptPay has dramatically changed the way Thai consumers and businesses transact with one another, and the positive impact it has made in the country cannot be understated.
“Mastercard is excited to extend its collaboration with NITMX, and to continue bringing innovative, convenient and secure payment solutions that not only drive financial and digital inclusion but also support the Bank of Thailand’s vision to transform the country’s digital financial infrastructure – ultimately benefiting Thai citizens and businesses and advancing Thailand’s digital economy.”
Everyone is a winner
PromptPay’s massive growth has benefited both businesses and individuals in the country. Merchants can display a QR code and receive payments directly to their bank accounts easily and instantly, reducing their reliance on cash and the need to visit the bank or invest in a traditional payment terminal.
This has enabled even the smallest of merchants, including mobile vendors, food stall owners and tuk tuk riders, to go cashless and accept digital payments – connecting small business owners to the digital financial ecosystem and bringing more opportunities to them.
Developed by NITMX and built on Mastercard’s RTP technology, Thai consumers can use PromptPay to pay for shopping, receive government welfare and tax rebates as well as send money to friends – all in seconds. Government payments can be made by registering a Citizen ID and individuals can split the cost of a meal by simply using a phone number to transfer funds. Over the new contract, Mastercard will work with NITMX to refine and build on the service to enable the next generation of growth.
Bryan Sharkey, EVP real-time payments international, Mastercard, who oversees the NITMX product, said: “Our collaboration with National ITMX has been instrumental in shaping one of the world’s most advanced real-time payments ecosystems, enabling people in Thailand to choose how they pay, and get paid.
“We have been on the ground with the NITMX team when PromptPay went live back in 2017 and we have had the privilege of witnessing NITMX and the market take this real time capability onto unparalleled success. As we pass a decade of collaboration, we are thrilled to be working with NITMX on the next generation of real-time payment solutions that will offer people and business new ways to transact in real-time.”
Success of NITMX
NITMX is a partnership between 35 member banks and two non-bank institutions working together to create Thailand’s vibrant payments ecosystem. It provides robust and efficient digital financial services that support the country’s evolving economy.
“We are proud to continue our collaboration with Mastercard, which has been instrumental in building one of the most advanced real-time payment systems in the world,” said Chatchai Dusadenoad, managing director of NITMX.
“PromptPay is more than a payment platform — it is an enabler of inclusive digital growth that empowers individuals, supports small businesses, and drives national innovation. As we enter a new phase of development, NITMX remains committed to strengthening Thailand’s digital infrastructure and ensuring safe, seamless, and accessible payments for all.”
