The Bank of Thailand has announced plans to launch QR code cross-border payments with India by the third quarter of this year, aiming to incorporate these transactions into a broader Asian multinational payment network.
The initiative marks the latest expansion of Thailand’s cross-border payments system, which already covers Singapore, Malaysia, Indonesia, Laos, Cambodia, Vietnam, Hong Kong and Japan.
- The Bank of Thailand plans to launch QR code cross-border payments with India by the third quarter of this year and aims to expand the network to other countries in Asia.
- Thai electronic payments platform PromptPay has experienced significant growth and is likely to set new transaction records this year.
- With the successful establishment of QR code payment links with multiple countries, cross-border remittance and money transfer is expected to become more efficient through multinational collaboration.
BOT Deputy Governor Dharani Saeju said the collaboration with India marks a major step in the expansion of the bank’s international payment services. For example, an existing partnership with Singapore already supports both QR code transactions and remittance services.
The bank also plans to move from a bilateral to a multilateral payments link, which will streamline regional remittances and improve efficiency. The expansion of the system is also in line with broader trends in Thailand’s financial landscape, where digital transactions are gradually increasing.
PromptPay, Thailand’s national electronic payment platform, has been at the heart of this change, experiencing continued growth since its launch in 2016, especially during the pandemic. The platform has seen a surge in usage, with registered users reaching 77.6 million. In December 2023, daily financial transactions via PromptPay reached an all-time high of 75.9 million, while average daily remittances last year totaled 54.5 million, totaling 130 billion baht.
sauce : NNT – BOT launches cross-border QR payments with India (prd.go.th)