Interoperable QR Payment Linkage between Vietnam and Thailand launched
Illustrative image (Source: VNA)
The Interoperable QR Code for retail payment linkage between Vietnam and Thailand was launched on March 26, signifying the successful implementation of the cooperation in the area of financial innovation between the State Bank of Vietnam (SBV) and the Bank of Thailand (BOT) which began in 2019.The scheme aims at facilitating bilateral trade, investment, tourism as well as the use of local currencies between the two countries.
This linkage also represents another milestone for the ASEAN Payment Connectivity initiative, which aims to connect the payment services of ASEAN countries using new financial technology to help foster financial integration and sustainable growth in the region.
This service will facilitate cross-border payments of the people of both countries. This is especially the case when cross-border travel becomes the norm again, given that tourist flows between both countries were around 1.5 million in 2019. With this service, tourists from Thailand can make QR payments using their mobile phones to pay for goods and services in Vietnam and vice versa.
This will eventually help stimulate the economies of the two countries and the region as a whole.
SBV Deputy Governor Nguyen Kim Anh said that the launch of this pilot project marks a significant accomplishment in the relationship between the central banks and Vietnam and Thailand in general.
It also marks an important milestone in the collaboration of ASEAN central banks in implementing ASEAN’s initiative on payment connectivity using interoperable QR Codes to deepen regional economic integration and foster digital transformation of each economy, he said.
For his part, Ronadol Numnonda, Deputy Governor of the BOT, said that the benefits of this project will come in many forms. It will offer convenience and security for people travelling between Thailand and Vietnam, leading to growth in tourism and contributing to the two countries’ progress towards a more digitalised society, he said.
This project is made possible with the collaboration from various stakeholders from both countries under the joint stewardship of the SBV and the BOT. These include the National Payment Corporation of Vietnam (NAPAS) and the National ITMX (NITMX) as switching operators, as well as Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and Bangkok Bank as the settlement banks responsible for cross-border settlements for the service.
The service banks which provide this cross-border QR payment service to their customers via their mobile banking applications include Tien Phong Commercial Joint Stock Bank (TP Bank), The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) from Vietnam, and Bangkok Bank from Thailand.
In addition, banks that have expressed their interests to join the project as service banks in the near future include The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) from Vietnam and Bank of Ayudhya, CIMB Thai Bank, Kasikornbank, Krung Thai Bank, and Siam Commercial Bank from Thailand. At this stage, both central banks believe that this cross-border QR payment will result in a safer, more efficient and cost-attractive alternative for retail payment by the general public. It will also serve as a catalyst for many more collaborations on financial innovations in the coming years.
In the first phase, Thai tourists using Bangkok Bank’s mobile banking application can scan this Project’s Viet QR Codes to pay for goods and services at TP Bank and BIDV’s merchants. Conversely, tourists from Vietnam using TP Bank and Sacombank’s mobile banking applications can scan the Thai QR Codes of Bangkok Bank’s merchants in Thailand./.
Related News
Vietnam's daily import expenditure surpasses VND25,000 billion
09:30 | 31/10/2024 Import-Export
Vietnam - UAE trade grows to billions of dollars
08:55 | 30/10/2024 Import-Export
Launch of the “Proud of 80 years of construction and development of Vietnam Customs” contest
09:08 | 30/10/2024 Customs
Vietnam, Laos cooperate effectively in combating drug crimes
07:41 | 16/10/2024 Anti-Smuggling
Latest News
Continue to handle cross-ownership in banks
10:35 | 02/11/2024 Finance
Striving for average CPI not to exceed 4%
16:41 | 01/11/2024 Finance
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable
16:39 | 01/11/2024 Finance
Removing difficulties in public investment disbursement
09:30 | 31/10/2024 Finance
More News
State-owned commercial banking sector performs optimistic growth, but more capital in need
09:28 | 31/10/2024 Finance
Stipulate implementation of centralized bilateral payments of the State Treasury at banks
09:29 | 29/10/2024 Finance
Rush to finalize draft decree on public asset restructuring
09:28 | 29/10/2024 Finance
Inspection report on gold trading activities being complied: SBV
14:37 | 28/10/2024 Finance
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%
10:45 | 28/10/2024 Finance
Ensure timely and effective management and use of public asset
11:31 | 27/10/2024 Finance
Accelerating decentralization in public asset management
11:26 | 26/10/2024 Finance
Difficulty in finding banks eligible to receive compulsory transfers
15:49 | 25/10/2024 Finance
Businesses can choose a suitable electronic invoice model generated from the cash register
14:18 | 25/10/2024 Finance
Your care
Continue to handle cross-ownership in banks
10:35 | 02/11/2024 Finance
Striving for average CPI not to exceed 4%
16:41 | 01/11/2024 Finance
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable
16:39 | 01/11/2024 Finance
Removing difficulties in public investment disbursement
09:30 | 31/10/2024 Finance
State-owned commercial banking sector performs optimistic growth, but more capital in need
09:28 | 31/10/2024 Finance