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Saturday, July 20, 2024

Heading toward cross-border payments

By Ricky Ho

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Not many Vietnamese travelers are aware that they can utilize quick response (QR) codes for retail payments in Thailand. However, the cross-border QR-based payment service is set to expand to six ASEAN countries this year. Slow expansion The State Bank of Vietnam (SBV) and the Bank of Thailand (BOT) are cooperating in financial innovation, with the National Payment Corporation of Vietnam (NAPAS) and the National Interbank Transaction Management and Exchange (NITMX) serving as switching operators. Currently, 40 Vietnamese banks allow clients to make money transfers by scanning QR codes using mobile banking apps. However, only 10 of these banks offer cross-border QR-based payment services in Thailand. TPBank became the first lender in Vietnam to accept two-way QR code payments in Thailand. Its general director, Nguyen Hung, introduced the bank’s cross-border payment service using QR codes in late March 2021. The TPBank Quickpay mobile banking app enables Vietnamese visitors to scan QR codes and settle payments in local currency at Bangkok Bank’s payment locations. This eliminates the need for U.S. dollars as an intermediary and reduces transaction costs. Thai tourists visiting Vietnam can also use Bangkok Bank’s mobile app to scan VietQR and pay for goods and services in Thai baht […]
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