The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have launched on Thursday a linkage of Thailand’s PromptPay and Singapore’s PayNow, marking the world’s first bridge between national real-time retail payment systems.
The linkage allows customers of participating banks in Thailand and Singapore to transfer funds of up to THB25,000 or S$1,000 daily across the two countries, using just a mobile number.
Transfers will be completed within a few minutes, representing a marked improvement over the average of 1-2 working days needed by most cross-border remittance solutions. The fees will be affordably priced and transparently displayed to senders before confirming their transfers. (NNT)