Transactions through QR payments and PromptPay, a local fund transfer service, are widely performed in Thailand thanks to their simplicity, rapidity, and convenience.
The Bank of Thailand (BoT) recently expanded its services by recently commencing a cross-border QR payment linkage with ASEAN countries, including Cambodia, Vietnam, Singapore, Malaysia, and Indonesia. Under this linkage, both consumers and merchants in different countries can use their mobile payment applications to send and receive payments instantly through a QR code across borders, allowing them to enjoy safe, real-time, cost-effective cross-border payments.
In the near future, the BoT will expand the cross-border payment “ecosystem” to other countries to drive faster, cheaper, and more transparent digital economy. (PRD)