A solution for those who live in or travel through Thailand – PromptPay
Thailand has become one of the leading countries of Asia in digital payments. From small stalls to big shopping centers, almost all of the country accept payments through QR codes via PromptPaythe national system for thai instant payments.
However, until recently there was a major obstacle to foreign nationals: they could only use PromptPay those who have a bank account in thai. This complicated the day-to-day tourists of long-stay expats, freelancers or entrepreneurs newcomers.
To resolve this problem was born Deep Pocket, an app developed by T2P Company Limited, a fintech thai regulated by the Bank of Thailandthat offers the possibility of make payments QR without the need to open a local bank account.
Deep Pocket it is a digital wallet (e-wallet” that allows you to send and receive money in Thailand as a citizen to thai, without banking or long verifications.
You only need to download the application, perform a verification process KYC (providing passport or document of identity) and in a few minutes you can generate your own QR code PromptPay to make payments all over the country.
Once the account is created, you can add funds easily with card or international transfers and use them to pay in shops, restaurants, transport, or even in local markets.
Deep Pocket is authorised and supervised by the Bank of Thailand, which ensures the compliance of all the rules KYC (Know Your Customer) and AML (Anti-Money Laundering).
This means that the operations are safe and secure, traceable, offering the same protection as traditional banks or the main fintech in the country, such as TrueMoney, or Line Pay.
In addition, the app complies with international security standards of digital payments, ensuring the protection of your funds and your personal data.
How to use Deep Pocket step-by-step
- Download the app from the official website of T2P or from the Google Play/App Store.
- Verify your identity (KYC) with your passport or document is in thai.
- Recharge balance by international credit card , bank transfer or Top Up in the establishments physical.
- Get your personal QR of PromptPay and use it to pay or receive money.
From that moment on you will be able to make instant payments in shops, restaurants and services in the whole of Thailand without the need of a local bank account.
Ideal for expatriates, investors and nomads digital
Deep Pocket has become an essential tool for:
- Expat newcomers who do not yet have bank account in thai.
- Foreign investors that need to operate locally without opening a traditional account.
- Tourists stay for a long time that they want to integrate into the digital economy, thai.
Its simplicity and speed make it a real alternative to the traditional banking system, offering foreign users a practical and a legal move in the ecosystem of the country's financial.
Tax considerations and legal pay PromptPay
Although Deep Pocket is not a bank account, the operations performed are subject to tax control if you are used to receive income or payments professionals.
If you are a tax resident in Thailand, or you plan to become one, contact us for a brief call and see how we can help you with the entire process.
In IURITwe help our international customers to be installed and operate legally in Thailand.
Our services include:
- Tax advisory and legal international.
- Management of residence and visa long stay.
- Structuring of companies and investments.
- Estate planning and tax for expats.
Do you want to invest, move, or begin to work in Thailand with legal security?
Write to us at info@iuritcorp.com or booking a one on one session with our computer.
We guide you through the entire process so that your transition will be safe, cost-effective and without complications.
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