QR move to ease cross-border payment

The Bank of Thailand, in collabora-tion with the State Bank of Vietnam (SBV), has launched a QR payment linkage to simplify cross-border payments between the two countries.

The cross-border payment facility was launched yesterday, following a financial project that began in 2019 as part of the Asean Payment Connectivity, a joint regional effort.

The QR code cross-border payment facility aims to foster financial integration and sustainable growth in the region spanning bilateral trade, tourism and the use of local currencies.

Nguyen Kim Anh, deputy governor of the SBV, said the service makes cross-border payments easier for both Vietnamese and Thais, particularly in the area of tourism once cross-border travel returns to normal.

In 2019, around 1.5 million tourists flowed between the two countries. Using this service, tourists…