Payment systems in Singapore and Thailand are coming together for a first-ever collaboration to advance real-time retail payments.
PayNow, from the Monetary Authority of Singapore (MAS), and PromptPay, from the Bank of Thailand (BOT), introduced the linking of the two entities after years of collaboration among both countries’ payment system operators.
The partnership also culminated in part from the cooperation of bankers’ associations in both countries, as well as from participating banks, according to a press release.
Users of Singapore’s PayNow and Thailand’s PromptPay will now be able to transfer up to $1,000 in Singapore dollars ($750) or 25,000 Thai baht ($800) daily between the countries,…
