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Legal Update

Regulating Electronic Payment Services

7 November 2008
Mayer Brown JSM Legal Update

The Royal Decree regulating Electronic Payment ("E-Payment") was published in the Government Gazette on 16 September 2008 and shall come into force 120 days thereafter.

Full Update

E-Payment services, which facilitate the sale and purchase of goods and services, are becoming increasingly popular in Thailand.

In an attempt to regulate this growing commercial practice, a Royal Decree (the "Decree") was passed standardising the regulation of E-Payment services.

Prior to the Decree, Thailand did not have a standard law regulating E-Payment service providers ("Service Providers"). Guidelines issued by the Ministry of Finance or circulars published by the Bank of Thailand ("BOT") governed the operation and business practices of different kinds of Service Providers, which were mostly financial institutions.

The Decree applies to all kinds of Service Providers, not just financial institutions. Under the supervision of the Electronic Transaction Commission ("ETC"), BOT will enforce the Decree, and any other additional rules, procedures and regulations regarding E-Payment services.

Classification of Service Providers

Under the Decree, Service Providers are classified into three groups, as listed below, each with their own prerequisite procedures for operation.

List A: E-Money Service Providers which issue electronic payment cards or systems for purchasing goods or services from one specific retailer or group of stores. Notification to ETC is required to commence operation.

List B: Service Providers which provide Credit Card Network services and/or Electronic Data Capturing services. Registration with ETC is required to commence operation.

List C: Service Providers which provide Clearing and Settlement services. A licence is required to commence operations.

Existing Service Providers can continue operating for 120 days after the Decree takes effect. If they wish to continue operating after this period, they must notify, register or apply for a licence (as applicable) within the 60th to 90th day of the 120-day period.

BOT may report to ETC Service Providers which fail to comply with the Decree. ETC may impose appropriate penalties, which may include revocation of the licences of the erring Service Providers.

For further information, please contact:

Chitanong Poomipark (
Athicha Vuttiviroj (

Learn more about our Bangkok office and Financial Services Regulatory practice.

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