Central Group, Thai banks initiate tourist QR payments

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.