Thailand, Vietnam banks deploy joint QR code-based payment service
VOV.VN - The Bank of Thailand (BOT) and the State Bank of Vietnam (SBV) have deployed a retail payment connectivity system that makes use of an interoperable QR Code in order to simplify cross-border payments between the two countries.
The payment mechanism has officially been in effect since March 26 and is expected to boost economic growth between both countries as well as the ASEAN region as a whole.
Most notably, the move is testament to the successful implementation of commitments in line with the Memorandum of Understanding (MoU) signed in 2019 between the BoT and SBV.
Furthermore, it will also serve to boost bilateral trade, investment, and tourism, whilst also increasing the use of the local currency in payments carried out between the two countries.
Nguyen Kim Anh, deputy governor of SBV, emphasised that the new payment system represents an important milestone in co-operation between ASEAN central banks in the implementation of the ASEAN Initiative on Payment Connectivity. This is mainly as it makes use of QR codes compatible with the goal of promoting regional economic integration and the digital transformation of each economy.
Ronadol Numnonda, deputy governor of BoT, affirmed that this project is anticipated to bring about numerous benefits, including enhancing the convenience and safety of travelers, helping boost tourism services, and creating a more digitalised society for both countries.
Local banks that provide retail payment services which make use of QR codes to customers via mobile apps include Tien Phong Commercial Joint Stock Bank (TP Bank), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), and Bangkok Bank of Thailand.
