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

Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Vietnam rises 11 places in budget transparency ranking

Vietnam rises 11 places in budget transparency ranking

VCN - The results of the Open Budget Survey 2023 (OBS 2023) have just been announced by the International Budget Cooperation (IBP), Vietnam's budget transparency ranking continues to be raised to 57 out of 125 countries, climbing 11 places compared to the 2021 assessment period and rising 20 places compared to 2019.
South Korea is Vietnam’s leading trading partner

South Korea is Vietnam’s leading trading partner

VCN – South Korea has maintained its position as largest trading partners of Vietnam for many years.
Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

Vietnam hopes to have a breakthrough in investment from Japanese ODA capital

VCN - On June 26, Minister Ho Duc Phoc had a meeting with Mr. Ito Naoki, Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam. Speaking at the reception, the Minister said that Vietnam wanted to have a breakthrough in the process of investing ODA capital, focusing on large national projects.

Latest News

Another six months for debt restructuring but need to manage bad debt risks

Another six months for debt restructuring but need to manage bad debt risks

VCN - The decision to continue extending the debt restructuring period, keeping the debt group unchanged for another six months, is expected to continue to contribute to solving difficulties for businesses, reduce debt repayment pressure, and add resources for production and business recovery.
Promote  information transparency to increase large-scale investors in  stock market

Promote information transparency to increase large-scale investors in stock market

VCN - Deputy Minister of Finance Nguyen Duc Chi talked with Customs News about the goal of upgrading Vietnam's stock market and solutions to achieve this goal by 2025.
Ministry to release final draft circular on stock market upgrades

Ministry to release final draft circular on stock market upgrades

The Ministry of Finance is set to announce the final draft of a circular related to the upgrade of Vietnam's stock market and operate the Korea Exchange (KRX) system this week.
Ensure price stability associated with macroeconomic stability

Ensure price stability associated with macroeconomic stability

VCN – To stabilize market prices from now until the end of the year, especially implementing the salary reform, the Ministry of Finance will implement solutions and respond to ensure price stability associated with macroeconomic stability.

More News

Minister of Finance: continue to advise on promulgating fiscal policies to help economy recover and develop

Minister of Finance: continue to advise on promulgating fiscal policies to help economy recover and develop

VCN - According to Minister of Finance Ho Duc Phoc, although implementing policies to reduce and extend taxes and fees will impact budget revenue, the Ministry has reviewed, evaluated and continued to promulgate a number of fiscal policies to support people and businesses.
Total budget revenue in first half of year reaches 60% of estimate

Total budget revenue in first half of year reaches 60% of estimate

VCN - According to the Ministry of Finance, total state budget revenue in the first six months of the year was quite good and grew over the same period last year. This results in effective implementation of tax laws and state budget collection tasks, revenue management, and anti-revenue loss of the Ministry of Finance. Along with that, the Ministry of Finance actively deployed policies to help remove difficulties for businesses and people.
Adding goods item subjected to special consumption tax

Adding goods item subjected to special consumption tax

VCN - According to Ministry of Finance – drafting agency, one of the purposes of amending Law on Special Consumption Tax this time is to perfect regulations on special consumption tax policy to expand the collection base and ensure transparency, ease of understanding, and ease of implementation to contribute to improving the capacity and efficiency of tax management activities. To achieve this goal, the draft Special Consumption Tax Law has many amendments on taxable objects.
The "compass" for policy credit

The "compass" for policy credit

VCN - Directive No. 40-CT/TW issued on November 22, 2014, by the Central Committee of the 11th Party Congress, focusing on enhancing the Party's leadership over social policy credit, is recognized as a sound policy by both the Party and the State, becoming a "compass" for policy credit activities.
Vietnam well-positioned towards cashless society: UK newswire

Vietnam well-positioned towards cashless society: UK newswire

Vietnam's digital payment ecosystem is undergoing a remarkable transformation, driven by a tech-savvy population, government initiatives, and innovative financial solutions, according to finextra.com, a leading UK newswire and information source for worldwide financial technology.
Vietnam continues efforts to control inflation

Vietnam continues efforts to control inflation

Experts and scientists sought price management solutions, especially in the context that the minimum wage has increased since July 1, at a workshop in Hanoi on July 3.
Nearly 29.5 trillion VND worth of G-bonds raised in June

Nearly 29.5 trillion VND worth of G-bonds raised in June

The Hanoi Stock Exchange (HNX) held 18 auctions of government bonds in June, raising nearly 29.5 trillion VND (over 1.15 billion USD) in June.
Banking stocks boost VN-Index to approach 1,270 points

Banking stocks boost VN-Index to approach 1,270 points

The market’s breadth was positive, with gainers outnumbering losers by 227 to 88.
Domestic enterprises make imprints on real estate M&A market

Domestic enterprises make imprints on real estate M&A market

The domestic real estate market has bottomed out and is gradually making a U-turn, promising a brighter outlook this year with mergers and acquisitions (M&A) bouncing back.
Read More

Your care

Latest Most read
Another six months for debt restructuring but need to manage bad debt risks

Another six months for debt restructuring but need to manage bad debt risks

VCN - Circular 06 has allowed an extension of six months to implement the solution to restructure the debt repayment period and maintain the debt group according to Circular 02 until December 31, 2024.
Promote  information transparency to increase large-scale investors in  stock market

Promote information transparency to increase large-scale investors in stock market

VCN - The upgrade of Vietnam's stock market from frontier market to emerging market is both a goal and a task not only of the Ministry of Finance or the State Securities Commission (SSC), but also the task, the goal and the interests of all market partici
Ministry to release final draft circular on stock market upgrades

Ministry to release final draft circular on stock market upgrades

The Ministry of Finance is set to announce the final draft of a circular related to the upgrade of Vietnam's stock market and operate the Korea Exchange (KRX) system this week.
Ensure price stability associated with macroeconomic stability

Ensure price stability associated with macroeconomic stability

VCN - Accordingly, the ministry proposes to focus on closely monitoring market price fluctuations and items having price fluctuations to advise on appropriate, flexible and timely price management policies and scenarios, especially with essential goods an
Minister of Finance: continue to advise on promulgating fiscal policies to help economy recover and develop

Minister of Finance: continue to advise on promulgating fiscal policies to help economy recover and develop

VCN - According to Minister of Finance Ho Duc Phoc, although implementing policies to reduce and extend taxes and fees will impact budget revenue, the Ministry has reviewed, evaluated and continued to promulgate a number of fiscal policies to support peop
Mobile Version