What is Cross-Border QR Payment, and why is it important in the e-Payment industry?

       We already know that e-Payment is electronic payment via QR Code, but we can only use it in the country, not abroad. Thailand and ASEAN have recognized the gap and have implemented the ASEAN Payment Connectivity project to enable cross-border payments through mobile phones. In the first phase, Cross-Border QR Payment is one of the services that will allow us to make cross-border payments.

What is Cross-Border QR Payment?

    Cross-Border QR Payment is a service for tourists, businessman, and those who want to pay for goods and services to merchants abroad by scanning QR Codes via mobile banking, which started with Bangkok Bank, and other banks and financial institutions (non-bank) are preparing to serve. which in the first phase can be scanned to pay to merchants in Vietnam and Indonesia only by observing the following symbols:

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Highlights and Importance of Cross-Border QR Payments

  1. 24-hour, instant payments to overseas merchants via mobile banking. 
  2. Be assured that you will receive an e-Slip confirming the transaction as soon as the payment has been made. 
  3. Know the exchange rate at the moment of the transaction immediately, which may be better than paying by credit or debit card. 
  4. Lower exchange rate fees 

       Mrs. Pornnit Dunnvatanachit, Senior Executive Vice President, Bangkok Bank PCL, said that due to the epidemic situation of COVID-19, may still be a major constraint on travel or business trips. both domestic and international. So, the Cross-Border QR Payment service may meet the needs of specific groups such as Indonesians working in Thailand or Thai people working in Indonesia. including in the case of cross-border purchases via online systems. However, as the situation gets better, it is expected that regional travel and tourism will begin to recover, especially in major tourist cities or economic cities, and we believe that the Cross-Border QR Payment service will play an important role in supporting the recovery as it is in line with the New Normal behavior that reduces touching of things and turns to digital transactions.

    According to the data from the Bank of Thailand, the QR Code payment service will help support international payment transactions. Especially when the situation returns to normal. Because in 2019, the number of tourists between Vietnam and Thailand reached 1.5 million. Users can use smartphones to pay for goods and services via QR codes, which will stimulate the economies of both countries and regions.

Is it safe to use the Cross-Border QR Payment service abroad?

    Using a mobile banking service from Bangkok Bank, scanning a QR Code, payment for goods and services from merchants abroad is safe by payment standards such as

  • Pay for mobile banking with a 6-digit password.
  • The mobile banking screen will display the name of the transferee, the value of goods and services, the local currency of the overseas merchant, the exchange rate, and the amount payable in Thai Baht (THB) at the time of the transaction for you to check every time before confirming the transaction.
  • The transferor can set a daily payment limit.

Is the Cross-Border QR Payment service different from the QR Code payment service in Thailand?

    No difference. But before debiting the account, the bank will convert the value of goods and services from foreign currency to Thai baht using the exchange rate in effect at the time of the transaction.

Terms of Service: Cross-Border QR Payment

  • Thais and foreigners can use Bangkok Bank’s mobile banking service by scanning QR Codes to make payments abroad, 24 hours a day.
  • The customer can pay for goods and services via Cross-Border QR Payment at a maximum of 100,000 baht/transaction and a maximum of 500,000 baht/day (the limit for payment of goods and services, including Cross-Border QR Payment and top-up services from banks Bangkok as specified by the customer (maximum 2,000,000 baht/day).
  • The bank will debit the account in Thai Baht immediately upon confirmation of the transaction using the exchange rate at the time of the transaction with a bank in Thailand that is affiliated with the merchant’s bank.
  • There are no service charges.
  • Other terms and conditions, as required by the bank.