Interoperable QR Payment Linkage between Vietnam and Thailand launched

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.

Interoperable QR Payment Linkage between Vietnam and Thailand launched hinh anh 1

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./.
Source: VNS
en.vietnamplus.vn

Related News

Vietnam

Vietnam's daily import expenditure surpasses VND25,000 billion

VCN - From the beginning of the year to mid-October, on average, Vietnam spent more than USUS$1 billion (equivalent to more than VND25,000 billion) each day importing goods.
Vietnam - UAE trade grows to billions of dollars

Vietnam - UAE trade grows to billions of dollars

VCN - Updated by the General Department of Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) sees a year-on-year increase of more than US$1.4 billion to nearly US$5 billion
Launch of the “Proud of 80 years of construction and development of Vietnam Customs” contest

Launch of the “Proud of 80 years of construction and development of Vietnam Customs” contest

VCN - Towards the 80th anniversary of Vietnam Customs' tradition (September 10, 1945 - September 10, 2025), the General Department of Vietnam Customs (GDVC) launches the “Proud of 80 years of construction and development of Vietnam Customs” contest.
Vietnam, Laos cooperate effectively in combating drug crimes

Vietnam, Laos cooperate effectively in combating drug crimes

VCN - Through the coordination between the Vietnamese Ministry of Public Security and the Lao Ministry of Public Security, many drug cases have been promptly solved, including many major cases.

Latest News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.

More News

State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Accelerating decentralization in public asset management

Accelerating decentralization in public asset management

VCN - Amending the Law on Management and Use of Public Assets aims to improve regulations on accelerating decentralization and improving efficiency in management and use of public assets, and promoting financial resources, ensuring that the unified application the Law on Management and Use of Public Assets and other legal documents.
Difficulty in finding banks eligible to receive compulsory transfers

Difficulty in finding banks eligible to receive compulsory transfers

VCN - Reporting to the National Assembly, the State Bank of Vietnam (SBV) said that one of the difficulties in restructuring the credit institution system is the long process of finding and negotiating banks eligible to receive compulsory transfers.
Businesses can choose a suitable electronic invoice model generated from the cash register

Businesses can choose a suitable electronic invoice model generated from the cash register

VCN - The Ministry of Finance said that individual business households can choose a suitable model to apply electronic invoice solutions from cash registers, depending on the number of invoices used in the year, in the month and the current status of software solutions and technical infrastructure.
Read More

Your care

Latest Most read
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigne
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

According to the report of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Mobile Version