Thailand and India to launch QR cross-border payments

The Bank of Thailand (BoT) is set to introduce QR code cross-border payments between Thailand and India by the third quarter of this year, with a broader vision to expand this system into a pan-Asian multinational payment network.

The Assistant Governor for Payment Systems Policy and Financial Consumer Protection Group at the central bank, Daranee Saeju, revealed that the payment connection with India is on track to be operational in the third quarter. This progress is due to collaborative initiatives with countries outside the ASEAN group.

The BoT has already operationalised QR code cross-border payment connections with countries including Singapore, Malaysia, Indonesia, Laos, Cambodia, Vietnam, Hong Kong, and Japan. These international transactions are facilitated through PromptPay, the national electronic payment platform of Thailand, launched in the year 2016.

In the case of…