By PPTVHD36 and Thai Newsroom
BANK of Thailand has implemented a system for international money transfers and payments via QR payment and cross-border QR payment, particularly among Asean countries under Asean Payment Connectivity, as well as a few other countries with significant labour or tourism exchanges, according to a central bank report seen today (April 30).
International payments can be made via QR payment and cross-border QR payment, both integrated into the PromptPay system. A key advantage of these services is instant receipt of funds with lower fees.
Currently, the system supports payments from several countries, including China, Malaysia, Laos, Indonesia, Cambodia, Singapore, Hong Kong, Vietnam, and South Korea. Tourists can easily and conveniently pay by scanning the QR code through their preferred bank app from the partner country, receiving payments instantly like a local (Pay Like a Local). Meanwhile, Thai merchants can receive payments from foreign tourists via “Merchant QR Code,” with funds deposited directly into their accounts
Participating Thai banks that accept cross-border QR payments from nine countries are as follow:
1/ Malaysia – BBL, KBANK, KTB, SCB, BAY, CIMB Thai and BAAC;
2/ China – BBL, KBANK, KTB, SCB, ICBC Thai, BAAC and BAY;
3/ Singapore – BBL, KBANK, KTB, SCB and BAY;
4/ Indonesia – BBL, KBANK, KTB, SCB, BAY and CIMB Thai ;
5/South Korea – BBL, KBANK and BAY;
6/ Laos -BBL, KBANK, KTB, SCB and BAY;
7/ Cambodia – BBL, KBANK, KTB, SCB and BAY;
8/ Hong Kong – BBL, KBANK, KTB, SCB and BAY;
9/ Vietnam – BBL, KBANK, KTB, SCB and BAY.
See chart below for participating foreign banks:
However, in the future, there are plans to expand the number of service providers to cover as many users as possible, as well as expand connectivity to other countries to support international electronic payments that are more convenient and faster for users.
Examples of cross-border QR payment follows below:
1/Singaporean workers in Thailand may transfer money to recipients in Singapore having a DBS, OCBC, or UOB bank account through BBL, KBANK, KTB, or SCB mobile application by using the mobile phone number of the recipient.
2/Thai workers in Singapore may transfer money to recipients in Thailand having a BBL, KBANK, KTB, SCB or BAY bank account through DBS, OCBC, or UOB mobile applications by using the mobile phone number of the recipient.
CAPTIONS:
Top – A man scanning a QR code. Photo – PPTVHD36
Front Page – A woman scanning a QR code. Photo – Marielle Ursua on Unsplash
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