Network for Electronic Transfers (NETS), which is Singapore’s payment services group, and National ITMX, Thailand’s inter-bank payment infrastructure and central data processing system, recently confirmed the expansion of their cross-border QR payment partnership.
This collaboration will aim to support inbound and outbound international payments between Singapore and Thailand.
Singapore’s residents using domestic banking apps, DBS PayLah! and OCBC Pay Anyone, should have the option to scan Thailand’s national PromptPay QR in order to complete payments at more than 8,000,000 retail acceptance points across various tourist destinations like the cities of Bangkok, Pattaya, and Phuket.
UOB TMRW users may do so as well, starting from next year.
Local merchants may be able to take payments from Thailand travelers who are now able to make QR payments in Singapore by simply scanning any NETS QR with apps from participating banking institutions and digital wallets from Bank of Ayudhya, Bangkok Bank as well as Krungthai Bank.
As noted in the update, NETS merchants spanning across 120,000 acceptance points in Singapore may take cashless payments from participating Thai banks or digital wallets.
NETS merchants based in Singapore have the option to accept WeChat Pay and Bhim QR payments, BCA, RuPay and MyDebit bank cards and online wallets participating in Alipay+ solutions.
Lawrence Chan, CEO at NETS Group stated:
“Singapore consumers travelling to Thailand can look forward to shopping without hassle. More small merchants that previously accepted cash only are now able to accept QR payments through this service. In addition, consumers are able to enjoy competitive exchange rates and yet not deal with currency cash conversion. Likewise, local merchants in Singapore can increase their customer base by offering more digital payment options to incoming travellers from Thailand. Having a QR payment option with competitive exchange rates will increase convenience for shoppers as they no longer need to worry about having cash on hand.”
Wanna Noparbhorn, MD at National ITMX, remarked:
“NITMX always strives to build sustainable infrastructure for the financial service industry in Thailand and we are delighted to partner with NETS to enable the world’s first FAST (fast and secure transfers) cross-border payment service between Singapore and Thailand. As the borders are now open, travellers to Thailand can enjoy cashless payments while traveling and shopping by simply using PayLah! and Pay Anyone at various acceptance points throughout Thailand.”
