Thai users can now use CIMB's mobile banking app to make QR code payment in Malaysia
Paul Wong Chee Kin, CIMB Thai Bank President and CEO, revealed the launch of interoperable QR Payment Linkage, a collaboration between Bank Negara Malaysia (BNM) and Bank of Thailand (BOT) to make possible instant cross-border QR code retail payments between Malaysia and Thailand. The linkage works through Malaysian RPP/DuitNow and Thai PromptPay. This service will first be offered by CIMB Thai Bank in Thailand. More payment service providers are expected to participate in offering such service in the following phases.
“Realizing the importance of cross-border payment linkage, the two central banks are jointly moving forward along the ASEAN Payment Connectivity roadmap. Our appreciation goes to BOT and BNM for their trusts in CIMB Group and CIMB Thai Bank to take part in this special road map as a settlement bank. We are delighted to play a part in further enhancing Thailand - Malaysia cross-border payments as a part of CIMB Thai’s mission to be a ‘Digital-led Bank with ASEAN Reach,’ leveraging CIMB’s strength in regional payment networks and franchises,’ said Mr. Paul Wong.
Moving forward, users in Thailand can use the CIMB THAI Digital Banking application to make QR payments to traditional and online merchants in Malaysia. The application provides ease of payment in foreign currency. After scanning a DuitNow QR code in Malaysia, a customer will see an amount to pay, first in ringgit, and then it will be converted into Thai baht amount before making a payment. The exchange rate applied would be cheaper than using a credit card.
Users in Malaysia will be able to use their mobile payment applications to scan Thai QR codes to make payment to online merchants in Thailand, expectedly from Q4/2021 onwards.
QR Payment Linkage provides both clients and merchants in the two countries with faster and more convenient payment arrangements. Travelers have a choice not to make currency exchange, saving them from unnecessary fees and expenses and allowing them to enjoy cashless spending.
Merchants benefit from convenience offered to their buyers with availability of various payment channels, which leads to opportunity to boost their sales and expand customer bases as well as reduce burden from cash collection.
Paul stated that QR Payment Linkage comes duly to accommodate the expected re-opening of economies as the region recovers from Covid-19. It would help stimulate economic activities, Thai-Malaysian trades and tourisms at popular destinations of the two countries. This collaboration represents a key milestone in the ASEAN Payment Connectivity initiative that promotes financial integration in the region through increased efficiency, reduced costs and improved user experience for cross-border payments.
