Thai, Laos financial institutions cooperate to expand Digital Payment system

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BANGKOK – Mr. Bancha Manoonkulchai, senior director of the payment system policy division, Bank of Thailand (BOT), has disclosed that the development of digital payments and the linkage of Thai payment systems are growing with currently 49.5 million PromptPay registered users through various channels, with average daily transactions of 8.1 million. There are currently more than five million shops nationwide that allow customers to make a payment through the Thai QR Payment System.

By linking the payment systems in ASEAN, people are able to make payments via Interoperable QR and use real-time international money transfers. As for payment system cooperation with the Lao PDR, a memorandum of understanding was signed between the Bank of the Lao PDR and the BOT on the payment systems and financial innovation on April 4, 2019. Both parties to the memorandum will exchange knowledge and experience while jointly developing QR Code and international payment standards.

There is also an international payment service using Interoperable QR Payments by Thanachart Bank (TBANK) and Banque Pour Le Commerce Exterieur Lao Public (BCEL) which is the first in ASEAN.

Mr. Chanin Srikorakul, Senior Vice President for Financial Institutions, Thanachart Bank Public Company Limited, stated that Laotians spent 157 million baht in Thailand in 32,000 transactions through the BCEL’s application between February and September 2019, or 6,000-8,000 transactions per month. Most of the spending is between 4,000 and 5,000 baht per transaction. This is a way to promote international money transfer and payment innovations and to increase convenience for users.