Pruettipong Srimachand, assistant governor for Management Assistance Group, said the central bank filed the complaint against PayAll with the Economic Crime Suppression Division after finding PayAll was guilty of failing to satisfy BOT conditions before opening its business.

However, he said the BOT could not reveal the names of PayAll executives and users of the service, nor the amounts of money paid into the e-wallet service due to the ongoing investigation.

The central bank spent one month investigating PayAll Group, which provides an e-wallet application under the brand PayAll that enables users to create prepaid accounts. Such transactions allegedly violate a Royal Decree on the supervision of electronic payment services and in regard to notification to the Ministry of Finance regarding businesses involved in e-money transactions. Business that Requires a Permit According to Section 5 of the Notification of the Revolution Council No 58 (Business of Electronic Money Card).

Anyone found guilty of breaking the law faces a possible jail sentence, a fine or both.

Siritida Panomwon Na Ayudhya, assistant governor of the Payment Systems Policy and Financial Technology Group, said PayAll had contacted the central bank in regard to operating an e-money business but the business was required to have a minimum registered capital of Bt200 million. The BOT asked the company to resolve the issue, but it failed to do so and continued to offer services.

According to the BOT regulations, e-payment service providers must receive approval from the central bank, have minimum registered capital of Bt200 million and deposit the money with the bank.

At present, there are 103 e-money service providers but only 29 licences have been issued by the central bank.

E-wallet businesses are divided into three categories: E-money services for juristic people, such as prepaid cards in food courts, with operators required to notify the BOT; e-money involving non-retail transactions such as mass transit and gift cards; and services for juristic people who are required to have a minimum registered capital of Bt200 million to run the business.

M Pay, True Money, Jaew Wallet and Rabbit are all in the third category.