Driven by the COVID-19 pandemic, consumers are now avoiding cash and non-essential commutes. As a result, they are turning to digital channels for financial transactions. Siam Commercial Bank (SCB) has seen more 200,000 new users of its SCB EASY digital banking application, making a total number of 11 million users. Customers are averaging 135 million transactions each month, of which 75% were fund transfers worth 528,000,000 million / 528 trillion baht (as of March 2020). In the last half of March donations rose to 50,000 transactions per day at the peak, 10 times higher than usual, while the number of new PromptPay registrations was over 20,000 accounts.
The number of new customers opening an SCB account on the SCB EASY app with ID authentication via Counter Service at 7-Eleven jumped to 10,000 accounts in three days. These figures signal the increasingly important role of digital banking, so SCB has doubled its capacity to handle transactions via the SCB EASY app during the current pandemic.
SCB President Apiphan Charoenanusorn said, “Apart from impacts on the overall economy, the COVID-19 pandemic has changed consumer behavior. People are seeking to avoid using cash and non-essential commutes, while donating to help raise funds to help those fighting the pandemic. As a result, we have seen some 200,000 new users of the SCB EASY app, making a total number of 11 million users. Customers are averaging 135 million transactions each month, of which 75% are fund transfers worth 528,000,000 million / 528 trillion baht (as of March 2020).
In the last half of March when the COVID-19 situation became more serious, the app’s donation features saw donations peaking at 50,000 transactions per day, 10 times higher than usual, reflecting the Thai people’s solidarity and mutual care when in need. And following the government’s supportive measures at the end of March, the number of new PromptPay registrations passed 20,000 accounts in just a few days.”
“Meanwhile, the number of new customers opening an SCB account on the SCB EASY app with ID authentication via Counter Service at 7-Eleven jumped to 10,000 accounts in three days at the end of March. The highest daily number was 5,000 customers. This service is convenient for customers wishing to open an SCB account without visiting an SCB branch. They can register for the SCB EASY app and make financial transactions at home with peace of mind.
The figures reflect people’s increasing awareness and readiness to embrace digital banking platforms, as they realize the benefits of mobile banking amid a situation where everyone should stay home and avoid going out as much as possible. In response to the increasing need, we have doubled our capacity to handle transactions via the SCB EASY app to cater to customers’ increasing demands during the ongoing COVID-19 pandemic.”
