Thailand, Hong Kong launch cross-border QR payment for seamless transactions

Thailand and China's Hong Kong Special Administrative Region launched a cross-border QR code payment service on Monday, aiming to provide a swift, secure, and easily accessible retail payment experience for travelers.

Through the link between Thailand's PromptPay and Hong Kong's Faster Payment System (FPS), customers can use their mobile payment applications to scan QR codes displayed by merchants for a seamless and efficient transaction, while merchants receive their funds instantly, according to a joint press release by the Bank of Thailand (BOT) and Hong Kong Monetary Authority (HKMA).

Sethaput Suthiwartnarueput, governor of the Bank of Thailand, said the collaboration marks a significant step toward a more interconnected and digitized financial landscape in the region.

This cross-border QR payment system is expected to bring tangible benefits to the 1.5 million tourists from Hong Kong and Thailand, enhancing convenience for travelers and supporting tourism and economic activities between the two economies, Sethaput said.

Eddie Yue, chief executive of the Hong Kong Monetary Authority, said the launch of the service marked an important milestone for Hong Kong's FPS in expanding its utility to cross-border payments.

Seven participating banks and two non-bank Stored Value Facilities from Hong Kong, along with three commercial banks from Thailand, are among the service providers offering this cross-border payment service, according to the joint press release.