HK-Thailand QR payment launches

The Monetary Authority and the Bank of Thailand (BOT) today announced the launch of the FPS x PromptPay Link for cross-border QR payment between Hong Kong and Thailand.

The arrangement will provide a fast, secure and easily accessible cross-border retail payment service to people travelling between the two places, hence supporting tourism and economic activities, the authority said.

By using their mobile payment applications to scan the Hong Kong FPS QR code and Thai PromptPay QR Code displayed by merchants respectively, travellers from Thailand and Hong Kong can make retail payments via the participating institutions.

These include seven participating banks and two non-bank stored value facilities from Hong Kong, and three commercial banks from Thailand.

Monetary Authority Chief Executive Eddie Yue noted that the launch of the service marks an important milestone to the FPS in Hong Kong in expanding its usage to cross-border payments.

While BOT Governor Sethaput Suthiwartnarueput said the collaboration with Hong Kong is an important milestone in Thailand's digitalisation efforts, adding that the linkage will bring tangible benefits not only to the 1.5 million tourists from these two economies, but also the merchants.

Both sides also believe this will serve as a catalyst for more collaboration on financial innovations in the future.