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The partnership of Network for Electronic Trensfers and National ITMX will facilitate incoming and outgoing cross-border payments between Singapore and Thailand

Network for Electronic Transfers, Singapore’s payment services group, and National ITMX, Thailand’s core interbank payment infrastructure and centralised data processing system, have announced the expansion of their cross-border cooperation on QR payments.

This cooperation will facilitate incoming and outgoing cross-border payments between Singapore and Thailand.

Singaporeans who use local banking apps, DBS PayLah! and OCBC Pay Anyone, will be able to scan Thailand’s national PromptPay QR to make payments to over 8 million retail acceptance points in popular tourist destinations such as Bangkok, Pattaya and Phuket.

UOB TMRW users will be able to do so as well from next year.

Local merchants will be able to accept payments from Thai travelers, who can now make QR payments in Singapore by scanning any NETS QR with apps from the participating banks and e-wallets from the Bank of Ayudhya, Bangkok Bank and Krungthai Bank.

As a result of the partnership, NETS merchants covering 120k. acceptance points in Singapore will be able to accept cashless payments from participating Thai banks or e-wallets.

NETS merchants in Singapore are already able to accept WeChat Pay and Bhim QR payments, BCA, RuPay, and MyDebit bank cards, as well as e-wallets that are compatible with Alipay+ solutions.

“The NETS company is the only one that can access all its products, Singaporean consumers traveling to Thailand can look forward to hassle-free shopping. More small merchants who previously only accepted cash are now able to accept QR payments through this service.In addition, consumers are able to enjoy competitive exchange rates and yet not be engaged in converting cash into currency. Similarly, local merchants in Singapore can increase their customer base by offering more digital payment options to incoming travelers from Thailand.Having a QR payment option with competitive exchange rates will increase convenience for shoppers as they no longer have to worry about having cash on hand.”, stated Lawrence Chan, CEO of the NETS group.

“NITMX is always striving to create sustainable infrastructure for the financial services industry in Thailand and we are pleased to work with NETS to activate the world’s first FAST (fast and secure transfers) cross-border payment service between Singapore and Thailand. As the borders are now open, travelers to Thailand can enjoy cashless payments during their travels and purchases, just using PayLah! and Pay Anyone at various points of acceptance across Thailand.”, said Wanna Noparbhorn, chief executive officer of National ITMX.

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