Singaporeans can make digital payments in Thailand as NETS expands cross-border partnership
Singapore’s electronic money transfer network (NETS) and National ITMXThailand’s premier interbank payment infrastructure and central data processing system, have increased their cooperation on cross-border QR paymentsincreasing their cross-border payments between Singapore and Thailand.
Allows customers with access to local banking apps, DBS PayLah! and OCBC Pay everyonewill be able to make digital payments at more than 8 million points of sale (PoS) across Thailand by scanning the PromptPay QR code. UOB TMRW users will be able to do that from next year.
Using their respective bank’s app, DBS and OCBC customers scan the QR code and confirm the merchant’s name, amount to be paid in Thai baht, exchange rate and final amount in Singapore dollars.
Other way around, Singaporean companies 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.
For convenience, there are also no transaction fees for consumers here and in Thailand. For merchants, there are only the standard NETS service fees.
NETS previously partnered with UnionPay International to enable QR code payments in Australia, China, Hong Kong, Japan, Malaysia, South Korea and Thailand. They are also integrated with Alipay+ to increase the payment options available to merchants.