With the success of PromptPay in Thailand, the Bank of Thailand has sought to improve cross-border payment connectivity by collaborating with its ASEAN partners.
Governor of the Bank of Thailand Sethaput Suthiwartnarueput on 29 April 2021 announced the launch of “PromptPay-PayNow,” the cross-border retail payment linkage between Thailand and Singapore.
In his remarks on this occasion, Mr. Sethaput stated that Thailand launched cross-border QR payments with Japan in 2018, Lao PDR in 2019, Cambodia in 2020, and Vietnam earlier this year. Linkages with other countries are set to follow soon.
Since its introduction in 2016, he said, PromptPay has been a game changer in helping Thailand become a modern payments society, elevating the quality of financial services, and promoting financial inclusion.
Amid the COVID-19 pandemic, PromptPay has enabled online business and personal transactions to thrive. The number of PromptPay users in Thailand has grown rapidly to 56 million. Government agencies have also utilized the system to provide social transfers directly to Thai citizens during the crisis.
By linking PromptPay with PayNow, Thailand and Singapore together have established the world’s first real-time cross border fund transfer service. This service will effectively address customers’ long-standing pain points in the area of cross border transfers and remittances including long transaction times and high costs.
The Governor of the Bank of Thailand said, “Today’s PromptPay-PayNow linkage represents another key milestone in our digital payments journey. The service is as seamless as domestic fund transfers, speedy with near real-time processing, safe with international security standards, and cost effective with significantly reduced fees.
“The Bank of Thailand will continue to promote innovation in cross-border payments to strengthen financial integration and regional and global connectivity for the sustained well-being of the country and the ASEAN region.”
Source: The Government Public Relations Department