The Central Group of companies, which includes Central Retail Corporation, Central Pattana, and Centara Hotels and Resorts, has joined forces with the Bank of Thailand and six leading commercial banks to launch a cross-border QR payment service for tourists.

The banks involved in this collaboration are Bangkok Bank, Kasikornbank, Krungthai Bank, Siam Commercial Bank, Bank of Ayudhya, and CIMB Thai Bank.

 

Tourists from Cambodia, Vietnam, Malaysia, Indonesia, Singapore, Japan, Laos, and Hong Kong can now make cashless payments for products and services by using mobile banking apps from partner banks to scan QR codes. This service allows shopping without payment fees at more than 4,000 Central Group locations, including stores, malls, hotels, and restaurants across Thailand.

 

An assistant governor for payment systems policy and the financial consumer protection group at the Bank of Thailand, Daranee Saeju, highlighted the growing importance of technology in the financial services sector.

“This partnership for cross-border QR payment is a significant step forward for digital finance.”

Daranee explained that the retail payment service integrates Thailand’s instant payment system, PromptPay, with real-time payment services from various foreign countries, especially those with high tourist traffic and strong economic ties with Thailand.

 

Settling bills

 

She noted that the utilisation of cross-border QR payment not only expands the array of choices available to tourists when settling bills but also caters to the demands of the cashless society. Furthermore, it presents an alternative avenue for enterprises and small merchants to receive payments at a reduced expense compared to the acceptance of credit or debit cards.”

 

The Bank of Thailand has recently endorsed the implementation of cross-border QR payments in the eight mentioned countries and territories.

 

Daranee reported that users have given positive feedback on this initiative. In the previous year, there were an estimated 722,000 transactions in total, with a combined usage value of around 596 million baht.

 

The head of financial services at Central Group, Montri Sithiyavanich, added that customers can make payments through Thai QR payments by utilising the mobile banking app of an international service provider.

Montri said as customers can scan for payments rather than rely on cash or a credit card, the service offers convenience and safety, in addition to favourable exchange rates. The service is free for both customers and merchants, he added.

 

Montri emphasised that Central Group is committed to implementing digital innovations to enhance the spending experience for all customers, ensuring it is more convenient and secure, reported Bangkok Post.

 

by Sarishti Arora

Picture courtesy of iMin Technology from pexels.com

 

Source: The Thaiger 2024-07-26

 

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2 hours ago, webfact said:

Tourists from Cambodia, Vietnam, Malaysia, Indonesia, Singapore, Japan, Laos, and Hong Kong can now make cashless payments for products and services by using mobile banking apps

 

2 hours ago, webfact said:

especially those with high tourist traffic

 

And there was me thinking that the high tourist traffic came from Europe, China, Russia and India. Duh.

As long as it is possible, I will continue to pay cash, you could see it again last week with a global internet outage.
Cash is King.

Thailand people are the most scammed in the region (according to an article here a while ago).

The vast majority of scams are on people that use mobile banking apps.

Still no apps on my phone.

(Battery lasts a week before it needs charging - another bonus.  )

Things take time here....visit China today and you can hardly go anywhere without phone payment.

10 minutes ago, ChrisY1 said:

visit China today and you can hardly go anywhere without phone payment.

Well I'm glad that "things take time here"  these digital payments systems are very dangerous leading ultimately to a panopticon   digital slavery system 

Central Bank Digital Currency  is the end of "freedom"  as we understand it..I'm not against digital currency or crypto I'm against the "government" control of such systems  the only reason governments want to be part of the digital currency is because they see their control slipping away and realise that this could be the ultimate control mechanism !

 

I urge everyone to vote with their wallet  use cash at every opportunity  say no to CBDC's

(but it's so easy and I have nothing to hide 555 )

All part of the WEF agenda !!

 

https://www.weforum.org/agenda/2023/11/asean-instant-cross-border-payments-paynow-promptpay/

2 hours ago, johng said:

All part of the WEF agenda !!

 

https://www.weforum.org/agenda/2023/11/asean-instant-cross-border-payments-paynow-promptpay/

A very bad dirty organisation and certainly not for the benefit of humanity.

They only proclaim lies to favour and influence the population.

If possible, buy gold, even here in Thailand, small quantities.
When the CBDC takes hold, there will be no stopping it and we can forget about cash too.
Barter is going to be big again.
Yes you can laugh about it now or dismiss it as nonsense, but that era is not far away.

How will this even work for tourists, considering all the hassles the banks in Thailand make even to those who own property in Thailand and come over on a non imm O visa for instance ?

4 minutes ago, SingAPorn said:

How will this even work for tourists, considering all the hassles the banks in Thailand make even to those who own property in Thailand and come over on a non imm O visa for instance ?

I don't think any Thai bank will want to impede the transfer of many millions of ฿ into Thailand from other nations.

This isn't really news and not limited to Central either. I've been able to use my Cambodian bank app to make QR code payments with Thai merchants since December.

12 hours ago, Peterphuket said:

As long as it is possible, I will continue to pay cash, you could see it again last week with a global internet outage.
Cash is King.

 

Indeed, you can't negotiate with an QR code you need humans for that.

20 hours ago, webfact said:

Montri said as customers can scan for payments rather than rely on cash or a credit card, the service offers convenience and safety, in addition to favourable exchange rates. The service is free for both customers and merchants, he added.

So who gets to set the exchange rates as surely they will not be set at the current market value. Also, this venture seems double sided against the purchaser using the qr codes as they will be forced to accept any exchange rate given and then have to pay an additional fee. 

don't you love the long queues created by people at the register, opening their phone, app , then trying to pay, some have to go to ATM as it does not work....