The Bank of Thailand has been proactive in this aspect. We have already upgraded our cheque clearing system from paper-based to image-based system, namely ICAS in Bangkok and the Metropolitan areas and we will launch the ICAS for the entire country within next year, and the new version of BAHTNET system will also be launched next year. In addition, a policy to set up a system for local switching (i.e. a system for switching, clearing, and settlement of domestic payment transactions via local debit card) has been prescribed, and will come into force within 2013. •  In Long Term (beyond 2015), ASEAN payment and settlement linkage should be explored. Currently, the Bank of Thailand is exploring the potential of linking our payment and settlement systems with that of other countries, such as the linkage with Hong Kong USD CHATS which aims to reduce FX settlement risk. The second consideration is new channel of payment and new technology Advanced development in Information and Communication Technology (ICT) has made it possible for money to move faster and more safely. Important development nowadays is ATM ASEANPay, operated by National ITMX, which already connects ATM system between Thailand and Malaysia. More connections will be made in the future, which will help facilitate retail payment and money remittance across ASEAN countries. Moreover, other payment channels and instruments such as e-banking, e-payment, and mobile payment will play an important role in enhancing efficiency and inclusiveness of financial services.
They could, for instance, pay rent for children studying abroad, pay for a holiday home, or pay for services provided by European companies, e.g. mobile telephone services, insurance companies, utilities, etc. People who live, work or study outside their home country will no longer need one bank account at home and another one abroad. The use of payment cards will be more efficient, as consumers will be able to use the same card for all euro payments. This will reduce the necessity for people to carry cash. Innovative services can be offered to consumers irrespective of national borders. The long-term goal of the banking industry is that the SEPA payment instruments will only be used in electronic form. Payments can then be easily combined with other e-services in the case of both individual and corporate clients. These include e-invoicing, mobile or internet payment initiation, airline e-tickets, credit advice or e-reconciliation. As a consequence, consumers will spend less time handling payments. Everything will be easier, faster and cheaper ... in the long term. Payment cards are becoming a favourite payment instrument with consumers, and are increasingly replacing cheques and cash payments. The use of cards is thus expected to grow in the future. Thanks to the creation of a single euro payments area, acquirers will be able to process all SEPAcompliant card payments, even across borders. In the SEPA environment, merchants will be able to choose any card payment processing entity in the euro; this will increase competition and reduce costs.