Evolution and revolution in global remittances


Southeast Asian nations Thailand and Vietnam have partnered to launch a joint cross-border payments service that will enable Thai tourists to make payments in Vietnam via QR code and vice versa.

Thailand and Vietnam launch joint cross-border payments service

The payments link between the two nations is designed to “enhance consumption and tourism”, as well as encourage the use of each country’s domestic currency by providing a “convenient, faster, more affordable and safer” payment method.

The international payment initiative has been in the works since 2020 and utilises Vietnam’s card network NAPAS and Thailand’s electronic payments network NITMX.

Vietnamese customers can now scan ThaiQR codes in Thailand, with Thai tourists able to scan VietQR codes to pay for goods and services at payment acceptance units in Vietnam.

The initiative was developed by the State Bank of Vietnam (SBV) and the Bank of Thailand, with SBV deputy governor Nguyen Kim Anh and BoT deputy governor Ronadol Numnonda the first to utilise the service at an official launch ceremony.

Vietnamese banks participating in the first stage of the launch include BIDV, Vietinbank, Vietcombank, TPBank and Sacombank.

Participating Thai banks are Bangkok Bank, Siam Commercial Bank, Kasikorn Bank, Bank of Ayudhya and Krung Thai Bank. Other banks in the two countries are also being considered to be included in the project.





Image and article originally from www.fintechfutures.com. Read the original article here.