The first stage of Thailand's national electronic payment scheme will be ready July 15, according to a local media report.

The new money-transfer system, called PromptPay, will require users to link a mobile phone number or national ID number to their demand deposit account to use the service. PromptPay is the first step in the government's drive to turn Thailand into a cashless society.

Thailand's four state-run banks and 15 commercial banks are driving PromptPay, according to the report.