Krungsri App Enables QR Payments Between Thailand and Hong Kongby Fintech News Singapore January 3, 2024
Bank of Ayudhya (Krungsri), a part of Mitsubishi UFJ Financial Group (MUFG), has recently expanded its services in the ASEAN region by launching cross-border QR payments between Thailand and Hong Kong.
Travelers from Thailand and Hong Kong can make payments by using mobile payment apps to scan Hong Kong’s FPS QR code and Thailand’s PromptPay QR Code displayed at the merchants’ point of sale.
Available via the KMA krungsri app from 27 December onwards, this QR payment service also allows users to generate a MyPromptQR code for in-store scanning.
Additionally, the service reportedly offers real-time exchange rates that are more favorable than those typically available with credit cards.
The service being launched in Hong Kong has already been introduced in six countries namely Japan, Cambodia, Indonesia, Malaysia, Singapore, and Vietnam.
Krungsri shared that this was made possible by leveraging its parent company MUFG’s extensive global network.
Pairote Cheunkrut, Chief Strategy Officer at Krungsri said,
“The launch of QR code payments between Thailand and Hong Kong, in collaboration between the Bank of Thailand and the Hong Kong Monetary Authority (HKMA), marks a significant milestone for Krungsri.
As a leading bank in Thailand, our involvement in co-developing the project showcases our dedication to delivering trusted financial services and underscores our capability to connect customers throughout the region.”
Featured image credit: Edited from Freepik