Bangkok Bank Unveils Cross-Border QR Payments Between Thailand and Vietnam

by Fintech News Singapore March 29, 2021

Bangkok Bank has unveiled cross-border QR payments between Thailand and Vietnam with the cooperation of the Bank of Thailand (BOT) and State Bank of Vietnam (SBV), claiming to be the first to do so.

The service provided by Bangkok Bank allows customers in Thailand and Vietnam to make QR payments via mobile banking application between the two countries.

They said this is more convenient and has lower exchange rate fees due to the higher number of merchants that support the QR payment system.

Consequently, the volume of e-payment transactions in 2020, including QR code payments, reached 13.39 million, up by 49.14% from the previous year.

Bangkok Bank believes that when economic activities resume and cross-border travel and tourism gradually recover, the cross-border QR payment service will definitely play an important role in supporting economic activities during the recovery period.

Charamporn Jotikasthira

“In the initial stage, cross-border QR payments will meet the needs of specific groups such as Vietnamese who are working in Thailand or Thais who are working in Vietnam, including online shopping between countries, etc.

We believe that in the future when the Covid-19 situation eases, overseas travel will resume and regional travel will start first, particularly in countries that have efficient systems to manage and control the spread of Covid-19, such as Thailand and Vietnam. Therefore, we are confident that the cross-border QR payment service via Bangkok Bank Mobile Banking will expand quickly and be available for wider use in the future.”