Thai bank launches cross-border QR payment services in Laos
The Bank of Ayudhya PCL (Krungsri) of Thailand on July 5 launched cross-border QR payment services for Thai tourists visiting Laos via its app, becoming the first Thai commercial bank to offer the service.
A branch of the Bank of Ayudhya PCL (Krungsri) of Thailand (Photo: bangkokpost.com)
Bangkok (VNA) – The Bank of Ayudhya PCL (Krungsri) of Thailand on July 5 launched cross-border QR payment services for Thai tourists visiting Laos via its app, becoming the first Thai commercial bank to offer the service.
Thai tourists can use the KMA krungsri app to scan QR codes containing the Lao QR code symbol at stores in Laos. Similarly, merchants can use Krungsri Biz Mung-Mee for their corporate operations, the bank said.
This initiative is part of Krungsri’s current medium-term business plan (2024 - 2026), which aims to strengthen the bank's comprehensive network throughout ASEAN.
Ninlawan Jerraboon, Krungsri's head of Transaction Banking Group, said that the latest expansion to Laos is especially beneficial for travellers between the two countries, as well as merchants looking to increase sales opportunities.
The wide use of QR code payments will simplify, expedite, and secure cross-border transactions within ASEAN, thus helping increase the region's economic bargaining power and competitiveness, she noted.
Given the importance of developing digital payment innovations such as QR code payments, she said that Krungsri will continue to expand its services to the entire ASEAN and Asia-Pacific, with the goal of becoming the leading regional financial institution that connects all customer needs with trust.
The bank's latest progress aligns with the Bank of Thailand's (BOT) ASEAN Payment Connectivity initiative, which aims to boost ASEAN member countries' economic potential. Under the strategic direction, BOT will gradually expand its cross-border collaboration with neighbouring countries. Singapore was the first cross-border payment arrangement made by the BOT in 2018, followed by Laos.
✃ Thailand currently collaborates with five ASEAN member countries in this regard, namely Cambodia, Indonesia, Malaysia, Singapore, and Vietnam. The sixth partner is Laos./.
As the number of visitors to Singapore continues rising post-pandemic, the Monetary Authority of Singapore (MAS) is expecting more and higher-value cross-border payment transactions.
Laos and Thailand launched cross-border QR payment linkage on April 3, aiming to promote innovation and access to financial services for the benefit of their people.
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