Thailand and Vietnam launch international QR payments

Moving money between Vietnam and Thailand has been historically far more complicated than you would expect. But that may change as a new QR payment system has been launched to link the two countries. The Bank of Thailand has worked alongside the State Bank of Vietnam to connect each country’s independent QR payment services.

In March of 2021, the two banks originally created their QR payment systems to build toward a cross-border payment infrastructure. Then on Thursday, the linkage between the systems was officially launched.

The new way to make payments and move money is expected to drive revenue as well as financial innovation. Officials hope that it will open the floodgate for cross-border collaborations in the finance sector and digital payments.

The launch was marked with a special event with high-ranking officials from both Thailand and Vietnam in attendance to announce the new QR payment linkage. Minister of Finance Arkhom Termpittayapaisith represented Thailand, matched by his counterpart the President of the Socialist Republic of Viet Nam H.E. Nguyen Xuan Phuc.

Senior officials from the State Bank of Vietnam and the Bank of Thailand were also in attendance and participated in a demonstration. The Deputy Governor of the Vietnamese bank was able to demonstrate sending money using mobile banking applications from Thailand and Vietnam. The cross-border QR payment system facilitated easy transactions.

The new system is expected to be a great benefit to merchants and customers as well as international travellers. The QR payments allow for local currency to be used for settling bills, according to Thailand Business News. It is hoped that the new International System will be a low-cost way for people to quickly send and receive payments while providing security and ultimate convenience.