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Thailand's cross-border payment capabilities currently include countries and regions such as Singapore, Malaysia, Indonesia, Laos, Cambodia, Vietnam, Hong Kong, and Japan.
The Bank of Thailand (BOT) has announced plans to introduce cross-border QR payments with India in the third quarter of this year.
Thailand's cross-border payment capabilities currently include countries and regions such as the following:
- Singapore
- Malaysia
- Indonesia
- Laos
- Cambodia
- Vietnam
- Hong Kong
- Japan
According to an article shared by the Thailand Government Public Relations Department, Daranee Saeju, Assistant Governer of BOT said that the collaboration with India is a major step in expanding the bank's international payment services.
"The existing partnership with Singapore, for example, already supports both QR code transactions and remittance services."
BOT also hopes to transition from bilateral to multinational payment linkages, therefore streamlining, enhancing and ensuring a more efficient transfer of regional money.
The system expansion is also said to align with broader trends in Thailand's financial landscape, where digital transactions have been progressively increasing.
As stated in the article, PromptPay, Thailand’s national electronic payment platform, is central to this shift.
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Lead image / Government Public Relations Department Thailand
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