In a major payment-infrastructure move, Thailand and China have expanded their cross-border payment connectivity through PromptPay and Alipay (part of the Ant International ecosystem). This new initiative enhances QR payment options for tourists and merchants, reinforcing digital economy growth.
Under the oversight of the Bank of Thailand, National ITMX (NITMX) and Ant International are working alongside Krungthai Bank to enable Chinese travellers to make payments at millions of Thai merchants by scanning Thai merchants’ PromptPay QR codes.
Krungthai Bank has been appointed as the settlement bank for this project. Its digital banking infrastructure will power the payment flows between China and Thailand.
Strengthening Cross-Border Digital Payments
NITMX’s managing director, Chatchai Dusadenoad, said the new service not only simplifies payment for tourists but also opens business opportunities for Thai merchants of all sizes. He positioned NITMX as vital to Thailand’s digital payments ecosystem and international expansion.
Edward Yue from Ant International stated that the partnership supports Thailand’s vision of reducing barriers between global consumers and local businesses. Edward Yue added that this initiative will further enhance cross-border trade and financial connectivity. He emphasized that this collaboration strengthens cross-border connectivity and promotes seamless international transactions. He noted that tourism links, especially between Thailand and China, are a driving force behind this initiative.
The initial roll-out covers Chinese visitors using Alipay wallets at Thai merchants. Over time, the service will grow to include more cities and types of merchants. This will involve small businesses and places outside the main tourist areas.
For Thailand, this payment linkage is expected to stimulate tourism, trade, and investment. For China, it makes traveling easier for people going abroad and improves payment use in international markets. That dual benefit highlights the strategic importance of this cross-border payment partnership.
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News Source: Businesswire.com