Thailand is set to enable QR payments made to ASEAN countries by the middle of this year to boost digital transactions.
Cross border QR payments to Thailand, Singapore, Cambodia and Myanmar are slated to begin at that time. The Bangkok Post reported this quoting Bank of Thailand assistant governor for payment systems policy and financial technology Siritida Panomwon Na Ayudhya.
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By GlobalDataThe move is a part of Thailand’s strategy to support digital cross-border payments and fund transfers with the aim to bolster regional integrity.
As part of the move, local banks have developed regional interoperability for standardised QR code payment.
Such QR codes can be used in other countries to make payments utilising bank infrastructure and switching-to-switching systems.
In November 2019, Thailand’s Siam Commercial Bank (SCB) partnered with Singapore-based payment services Liquid Group to enable cross-border QR payments.
The collaboration allowed SCB customers in making payments at Liquid Group’s participating merchants in Singapore.
At the time of the announcement, Siam Commercial Bank WB Future Platform, Global Transaction Banking Services Division first senior vice-president Sopol Chattananant said: “It will also help provide more opportunities and better access to real-time and seamless global payment experiences for Thai customers going abroad and foreigners coming to Thailand.”
