The Central Group of companies, including Central Retail Corporation, Central Pattana, and Centara Hotels and Resorts, have partnered with the Bank of Thailand and six leading commercial banks to provide a cross-border QR payment service for tourists.
The banks participating in this partnership 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 pay for products and services without the need to carry cash by using mobile banking apps from partner banks to scan QR codes.
The service enables shopping without payment fees at more than 4,000 Central Group establishments including stores, malls, hotels and restaurants throughout the country.
Daranee Saeju, assistant governor for payment systems policy and the financial consumer protection group at the Bank of Thailand, says that technology is becoming increasingly crucial in the financial services industry.
"This partnership for cross-border QR payment is a significant step forward for digital finance," she said.
Ms Daranee said the retail payment service integrates Thailand's instant payment system, PromptPay, with real-time payment services from various foreign countries -- particularly those that have high tourist traffic and strong economic ties with Thailand.
"The utilisation of cross-border QR payment not only expands the array of choices available to tourists when settling bills, but it also caters to the demands of the cashless society," she said.
"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 recently endorsed the implementation of cross-border QR payments in the aforementioned eight countries and territories.
"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," Ms Daranee said.
Montri Sithiyavanich, head of financial services at Central Group, added: "Customers have the option to make payments through Thai QR payments by utilising the mobile banking app of an international service provider. 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.
Mr Montri said Central Group is dedicated to implementing digital innovations to elevate the spending experience for all customers and to ensure it is more convenient and secure.
