KRUNGTHAI Bank has opened new and convenient international money transfer and payment services using QR code between Thailand and Singapore. Customers of participating banks in both countries can now make cross-border payments faster with just a QR code scan, NNT said today (Sept. 22).
The new service is now available on the Krungthai NEXT mobile application, allowing users to make or receive payments to and from Singapore, simply making a scan.
Mr Payong Srivanich, Krungthai Bank President, said the bank is the first in Thailand to offer the QR Cross-Border Payment facility with Singapore.
Krungthai Bank has been selected by the Bank of Thailand as the settlement bank for QR payments between Thailand and Singapore, under a cooperative arrangement with the Monetary Authority of Singapore.
Accessing the new service, Krungthai Bank customers can scan a NETS payment QR code using the Krungthai NEXT mobile application to make payments for goods and services in Singapore. This NETS payment QR code is being used by some 80% of shops and service providers in the city-state.
The same cross-border payment system is also available for customers of DBS, UOB, and OCBC banks in Singapore, meaning customers from Singapore can use their banking application to make payments in Thailand with a QR code scan as well.
Krungthai Bank customers can also make payments in local currencies with the Krungthai Inter Wallet, a new service that allows customers to exchange and store cash in other currencies digitally for payments. This new service will become available tomorrow.