Singapore’s Network for Electronic Transfers (NETS) and National ITMX, Thailand’s key inter-bank payment infrastructure and central data processing system, have increased their cross-border QR payment collaboration, increasing their cross-border payments between Singapore and Thailand.
With it, customers with access to local banking apps, DBS PayLah! and OCBC Pay Anyone, will be able to make digital payments at over 8 million Points of Sale (PoS) across Thailand by scanning the PromptPay QR code. UOB TMRW users will be able to do so as well from next year.
Using their respective bank’s app, DBS and OCBC customers scan the QR code, and confirm the merchant name, the amount to be paid in Thai baht, the exchange rate, and the final amount in Singapore dollars.
Conversely, Singaporean businesses here with a NETS merchant account, can accept QR-based payments from Thai tourists who are also customers of Bank of Ayudhya, Bangkok Bank and Krungthai Bank.
To add to the convenience, there are also no transaction fees for consumers here and in Thailand. For merchants, there is only the standard NETS service charge.
NETS previously partnered with UnionPay International to allow QR code payments in Australia, China, Hong Kong, Japan, Malaysia, South Korea, and Thailand. They also integrated with Alipay+ to increase the payment options available for merchants.