Thailand and Vietnam Officially Launches QR Payment Linkage

Thailand and Vietnam Officially Launches QR Payment Linkage

by November 21, 2022

The State Bank of Vietnam (SBV) and the Bank of Thailand (BOT) announced that they have officially launched their joint QR payment services as an alternative means of cross-border payments between the two countries.

Nguyen Kim Anh, Deputy Governor of SBV and Ronadol Numnonda, his counterpart from BOT participated in a live demonstration of cross-border QR payments between Vietnam and Thailand using mobile banking applications of their respective countries.

Through this QR payment connectivity, payments can be made with convenience, speed, security, transparency and at low cost.

The project also serves to promote the use of local currencies for payments and settlements as well.

The QR payment linkage project between Thailand and Vietnam was first announced in March 2021. Through this, Bangkok Bank launched cross-border QR payments between both countries with the cooperation of BOT and SBV.

The central banks in ASEAN have been actively working towards achieving true payment connectivity in the region. Most recently, Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and BOT had inked a MoU for cross border payments.