NETS and Thai counterpart National ITMX expand national cross-border QR payment collaboration
Consumer paying for purchase by scanning a PromptPay QR code.
Singapore travellers can now use local banking apps, DBS PayLah! and OCBC Pay Anyone, to pay with Thailand’s national PromptPay QR at over 8,000,000 acceptance points across popular destinations like Bangkok, Pattaya, and Phuket.
NETS merchants in Singapore can also accept payments from Thai travellers who can scan to pay with NETS QR on their banking apps.
Singapore, 4 August 2022 – Network for Electronic Transfers (NETS), Singapore’s leading payment services group and National ITMX, Thailand’s key inter-bank payment infrastructure and central data processing system, today announced the expansion of their cross-border QR payment collaboration to facilitate inbound and outbound cross-border payments between Singapore and Thailand.
Singaporeans using local banking apps, DBS PayLah! and OCBC Pay Anyone, will be able to scan Thailand’s national PromptPay QR to make payments at over 8,000,000 retail acceptance points across popular tourist destinations such as Bangkok, Pattaya, and Phuket. UOB TMRW users will be able to do so as well from next year.
Local merchants can look forward to accepting payments from Thailand travellers who can now make QR payments in Singapore by scanning any NETS QR with apps from participating banks and e-wallets from Bank of Ayudhya, Bangkok Bank and Krungthai Bank.
Paying digitally in Thailand
Paying digitally in Thailand is now seamless and convenient for consumers. Singaporeans shopping at popular tourist attractions such as Chatuchak, MBK, Platinum Mall, and various bazaar markets can look out for the PromptPay acceptance mark, indicating that the merchant accepts QR payments through Thailand’s national PromptPay QR. They can also purchase BTS Skytrain tickets via PromptPay QR at ticketing kiosks.
Using the DBS PayLah! or OCBC Pay Anyone app, they can conveniently scan the QR, confirm the merchant name, the amount to be paid in Thai baht, exchange rate, and final amount in Singapore dollars.
Consumer paying for purchase by scanning a NETS QR code.
NETS Group CEO, Mr Lawrence Chan said, “Singapore consumers travelling to Thailand can look forward to shopping without hassle. More small merchants that previously accepted cash only are now able to accept QR payments through this service. In addition, consumers are able to enjoy competitive exchange rates and yet not deal with currency cash conversion.
Likewise, local merchants in Singapore can increase their customer base by offering more digital payment options to incoming travellers from Thailand. Having a QR payment option with competitive exchange rates will increase convenience for shoppers as they no longer need to worry about having cash on hand.”
Ms Wanna Noparbhorn, Managing Director of National ITMX said, “NITMX always strives to build sustainable infrastructure for the financial service industry in Thailand and we are delighted to partner with NETS to enable the world’s first FAST (fast and secure transfers) cross-border payment service between Singapore and Thailand. As the borders are now open, travellers to Thailand can enjoy cashless payments while traveling and shopping by simply using PayLah! and Pay Anyone at various acceptance points throughout Thailand.”
Mr Anthony Seow, Head of Payments & Platforms, DBS Consumer Banking Group (Singapore) said, “Digital payment adoption has been sped up by the pandemic, and there’s no stopping its momentum. The use of digital payments such as DBS PayLah! QR, has become routine and part of consumers’ everyday lives. From January to June 2022, DBS PayLah! QR transaction volumes rose by 34% compared to the same period last year. The collaboration between NETS and NITMX means Singapore consumers now have another safe and simple way to pay digitally in Thailand, saving themselves the hassle of carrying notes and coins around while travelling.”
Mr Sunny Quek, Head of Consumer Financial Services Singapore, OCBC Bank, said, “In light of the re-opening of borders and the return of travel, this cross-border payment arrangement is especially useful for our customers and is one that we are proud to be a part of. It addresses the everyday pain points that our customers face while travelling, by making payments more convenient and frictionless. This is the latest example of how the bank is investing in accelerating digital transformation to meet the needs of our customers, and we will continue on this trajectory.”
Empowering Singapore merchants to connect communities and serve overseas customers better
As a result of the collaboration, NETS merchants spanning across 120,000 acceptance points in Singapore will be able to accept cashless payments from participating Thai banks or e-wallets. Consumers can simply make their payments by scanning NETS QR using their participating Thai mobile banking or e-wallets apps.
NETS merchants in Singapore are already able to accept WeChat Pay and Bhim QR payments, BCA, RuPay and MyDebit bank cards as well as e-wallets participating in Alipay+ solutions.
In collaboration with:
