Thailand, Vietnam boost retail payment through QR codes
Thailand, Vietnam boost retail payment through QR codes
The cross-border QR payment service will facilitate consumption and payments for both countries’ consumers.
Under an interoperable payment QR code scheme, tourists from Thailand could scan QR codes displayed at stores in Vietnam to pay for goods and services, while Vietnamese travelers in Thailand could the same.
Thailand and Vietnam will boost retail payment through QR codes. Photo: MoMo
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In the first phase of the project, Thai tourists can use the Bangkok Bank mobile app to scan VietQR codes to pay for goods and services at Tien Phong Commercial Joint Stock Bank (TPBank) and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)’s merchants at Vietnam.
In contrast, tourists from Vietnam using TPBank’s mobile phone app and Sacombank to scan ThaiQR codes to pay for goods and services at Bangkok Bank's merchants in Thailand.
“The project marks an important milestone in the collaboration of ASEAN central banks in implementing ASEAN’s initiative on payment connectivity using the codes to tighten regional economic integration and foster digital transformation of each economy,” said Nguyen Kim Anh, Deputy Governor of the SBV.
According to Ronadol Numnonda, Deputy Governor of the Bank of Thailand, the scheme will offer convenience and security for people traveling between the two countries, leading to growth in tourism and contributing to both countries' progress towards a more digitalized society.
The project will also reduce transaction costs and minimize risks of holding cash.
This project is made possible with the collaboration from various stakeholders from both countries under the joint stewardship of the SBV and the Bank of Thailand, including the National Payment Corporation of Vietnam (NAPAS) and the National ITMX (NITMX) as switching operators, as well as Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and Bangkok Bank as the settlement banks responsible for cross-border settlements for the service.
The service banks, which provide this cross-border QR payment service to their customers via their mobile banking applications include TP Bank, BIDV, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) from Vietnam, and Bangkok Bank from Thailand.
