Hong Kong & Thailand partner to offer cross-border QR Payment System
By Gloria Mathias
This initiative provides a fast, secure, and easily accessible cross-border retail payment service to people travelling between Hong Kong and Thailand.
Through this linkage, travellers from Thailand and Hong Kong will be able to make retail payments by using their mobile payment applications to scan the Hong Kong FPS QR code and Thai PromptPay QR code displayed by merchants, respectively.
Users will benefit from additional efficient payment methods, while merchants will be able to receive their funds immediately. This payment connectivity will provide travellers with greater convenience, hence supporting the tourism and economic activities of Hong Kong and Thailand.
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said, “The HKMA is very pleased to work with the Bank of Thailand on this initiative, which provides a safe, convenient, and efficient means for travellers to make cross-border retail payments. The launch of this service today marks an important milestone to the FPS in Hong Kong in expanding its usage to cross-border payments.”
Dr Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, said, “This collaboration with Hong Kong is an important milestone in Thailand’s digitalisation efforts and demonstrates our commitment to creating more efficient and inclusive cross-border payments in the region. This linkage will bring tangible benefits not only to the 1.5 million tourists from these two economies but also to the merchants serving them as well.”
This initiative is made possible with the collaboration of various stakeholders from both jurisdictions under the joint stewardship of the HKMA and the BOT.
The service providers offering this cross-border QR payment service to their customers via their mobile payment applications include seven participating banks, two (non-bank) Stored Value Facilities from Hong Kong, and three commercial banks from Thailand.
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