Southeast Asian countries Thailand and Vietnam have partnered to launch a joint cross-border payment service that allows Thai tourists to make payments in Vietnam via QR codes.
Thailand and Vietnam launch joint cross-border payment service
The payment link between the two countries will not only “facilitate consumption and tourism”, but also facilitate the use of each country’s own currency by providing a “convenient, faster, more affordable and safer” payment method. It is designed to
The international payments initiative has been launched since 2020, utilizing Vietnam’s card network NAPAS and Thailand’s electronic payment network NITMX.
Vietnamese customers can now scan ThaiQR codes in Thailand, and Thai tourists can scan VietQR codes to pay for goods and services at payment acceptance units in Vietnam.
Developed by the State Bank of Vietnam (SBV) and the Bank of Thailand, the initiative was first used at an official launch ceremony by SBV Deputy Governor Nguyen Kim Anh and BoT Deputy Governor Ronadol Numnonda.
Vietnamese banks participating in the first phase of the launch include BIDV, Vietinbank, Vietcombank, TPBank and Sacombank.
Participating Thai banks are Bangkok Bank, Siam Commercial Bank, Kasikorn Bank, Bank of Ayudhya and Krung Thai Bank. Other banks from both countries are also being considered for inclusion in the project.
