The Bank of Thailand has announced its initiative to launch secure and fast QR code cross-border payments between Thailand and India by Q3 2024. Following this announcement, the Bank of Thailand plans to extend the system in order to become a multinational payment network across the region of Asia.

In addition, the payments linkage with India is set to be implemented in Q3 2024, following collaborative efforts with several countries outside of the Asean grouping. India is expected to be the final addition to the cross-border payment network, according to Bangkok Post. The Bank of Thailand will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.

More information on the announcement The Bank of Thailand already established the QR code cross-border payment links with Singapore, Malaysia, Indonesia, Laos, Vietnam, Cambodia, Hong Kong, and Japan, aiming to improve the payment experience of customers in these regions, as well as give them the opportunity to benefit from fast and secure international transactions. The cross-border transactions are facilitated by PromtPay, the national electronic payment platform of Thailand. In addition, in the case of Singapore, the cross-border payment links encompass both the QR code payments and the overall remittance services.

Following this launch, the next phase of cross-border payments will include money transfers across areas through multinational linkages, which are set to optimise the efficiency of payment systems compared with the current overall bilateral arrangements. This initiative of cross-border remittances was launched initially with Singapore and is set to expand to other countries in the region soon. .