Thailand and Hong Kong launch cross-border QR payment linkage

Thailand’s central bank (Bank of Thailand) and the Hong Kong Monetary Authority (HKMA) on Monday (4th December) launched a link for cross-border QR payments. In a joint statement, the two entities stated, “Through this linkage, travelers from Thailand and Hong Kong will be able to make retail payments by using their mobile payment applications”.

Thailand - Hong Kong arrangement

Starting from 4thDecember, residents of Thailand and Hong Kong travelling between the two nations will be able to make payments via their domestic real-time settlement payment systems. The systems link conventional banks with electronic payment and digital wallet operators. The move is aimed at creating more business opportunities for locals from both countries as well as speeding up digital transformations. Besides, customers will get to make cross-border retail payments in a fast and convenient manner.

Notably, residents from Hong Kong visiting Thailand will be able to pay for purchases on their smartphones via FPS (Faster Payment System). This is up to a daily limit of HK$ 10,000. At the same time, Thailanders traveling to Hong Kong can use PromptPay to make payments in stores that accept QR code payments to a daily limit of 500,000 baht.

As stated by HKMA’s deputy chief executive, Howard Lee, there are plans to increase the aforementioned daily limits in the future.

The launching of the link for cross-border QR payments between Thailand and Hong Kong comes just a few weeks after Singapore launched its real-time payment systems linkage with Malaysia. Besides, the Southeast Asian country announced its cross-border QR payment linkage with Indonesia. Just like in the case of Hong Kong and Thailand, the aforementioned linkages will promote economic connectivity among the involved nations.