Singapore and Thailand QR Payments Will Soon Be Standardisedby Fintechnews Singapore November 12, 2018
Thanks to a partnership signed between NETS and ITMX, Thailand’s interbank payment infrastructure, Thai mobile wallet users will soon be able to scan the NETS QR Code and NETS Pay Users in turn will also be able to scan the Thai Standardised QR Code.
Dubbed the ITMX-NETS Programme, what this simply means is that, citizens of Singapore and Thailand will soon be able to use their QR-enabled mobile wallet to make payments in either country.
The collaboration will also emphasise on further opportunity and use case for PromptPay and PayNow linkage as a proof-of-concept study.
In fact some of Singtel and Kasikorn bank customers may already using their mobile wallets to make payment in each other countries following an earlier agreement between the two parties.
Should NETS expand this partnership to other ASEAN countries, it could be a real game changer for countries like Malaysia, Philippines, Indonesia and Vietnam who is each pushing their own cashless initiatives.
If mobile wallets can be used across the region, it could be the tipping point consumers need to start appreciating the value proposition that mobile payments bring to the table.
This partnership will also see both companies exchanging ideas, share expertise and work together on other domestic and regional payments initiative which includes — cross border usage and acceptance of each other’s payments services.
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