Hong Kong and Thailand Launch New Cross-Border QR Payment Systemby Fintech News Singapore December 4, 2023
The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have launched the FPS x PromptPay Link, facilitating cross-border QR payments between Hong Kong and Thailand. This service, effective from 4 December, allows travellers to make retail payments using QR codes.
Through this link, individuals can pay for goods and services by scanning the Hong Kong FPS QR code or the Thai PromptPay QR Code at participating merchants.
The service is expected to streamline retail transactions for travellers, enhancing the ease of financial exchanges between Hong Kong and Thailand.
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, commented on the initiative, saying,
“The HKMA is very pleased to work with the Bank of Thailand on this initiative, which provides a safe, convenient, and efficient means for travellers to make cross-border retail payments.”
Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, also noted the significance of this collaboration for Thailand’s digitalisation efforts and its role in enhancing cross-border payment efficiency in the region.
“This linkage will bring tangible benefits not only to the 1.5 million tourists from these two economies but also to merchants serving them as well,” said Dr. Sethaput.
This article first appeared on fintechnews.hk