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February 10, 2020

Thailand to begin QR payments to ASEAN nations

Thailand is set to enable QR payments made to ASEAN countries by the middle of this year to boost digital transactions.

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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.

The 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.”

Later, Liquid Group teamed up with Asia United Bank (AUB) in the Philippines to enable such cross-border QR payments.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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