Could someone please enlighten me regarding Prompt Pay?

My mobile banking app is broken for the next week. I needed to pay my rent. Bangkok bank seems to only allow transfer within their own bank when using iBanking. The only available option was Prompt Pay which I have never used before. The process on my end was very simple. All I had to do was to supply the receivers's phone number. I got an acknowledgement that it went through.

So my question is, how does the receiver get their money, given that I only entered a phone number? Is it somehow tied to a bank account?