Bangkok: Krungthai Bank (KTB) is taking significant steps to strengthen its Money Bag Shop system by enabling seamless scans and payments from Chinese tourists without any fees, thereby supporting Thailand’s digital economy.

According to Thai News Agency, this initiative is part of KTB’s ongoing efforts to integrate innovation and modern technology into its financial services, further solidifying its role in enhancing the country’s digital economy.

As a settlement bank, Krungthai Bank is pivotal in connecting payment systems between Thailand and China. This collaboration, overseen by the Bank of Thailand (BOT), National ITMX Co., Ltd. (NITMX), and Ant International, aims to improve the Cross-Border QR Payment system. The primary goal is to support the growth of Thailand’s economy and tourism sector in the digital era.

Under this initiative, KTB is expanding its Cross-Border QR Payment service to ensure seamless payment acceptance between Thailand and China. The service allows Chinese tourists to use the “Tung Ngern” app to scan and pay for goods and services across Thailand via AliPay, WeChat Pay, and Union Pay. Payments are processed through QR PromptPay, with the full amount credited to merchants in Thai baht, fee-free. This enhances business opportunities while ensuring convenience and security.

The “Tung Ngern” app offers various features, including notifications for incoming payments and daily and monthly income summaries. Merchants receive full payments with the flexibility to transfer funds to their accounts immediately or at the day’s end.

Currently, over 2.3 million Tung Ngern merchants nationwide support scanning and payments from several countries, including China, Singapore, Indonesia, Vietnam, Malaysia, Cambodia, Laos, South Korea, and Hong Kong. This initiative expands business opportunities and strengthens the competitiveness of SMEs, which is crucial for boosting the local economy and supporting tourism entrepreneurs in achieving sustainable growth, aligning with Krungthai Bank’s vision of “Standing by Thailand, Towards Sustainability.”