KASIKORNBANK (KBank) has pioneered with the launch of a QR Payment service between Thailand and Lao PDR, while also planning to expand its connection to India by the end of this year. This means there are currently seven countries/territories where foreign tourists can use mobile banking to scan Thai QR to pay, namely Malaysia, Hong Kong, Indonesia, Singapore, Cambodia, Vietnam, and most recently Lao PDR. This year, the Bank aims to achieve 30-percent growth in the use of its international QR payment, fueled by Thailand’s anticipated surge in foreign visitors, exceeding 36 million.
Dr. Pipatpong Poshyanonda, KBank President, said, “In developing an international payment system connection, KBank acts as a settlement bank for international transactions to facilitate cross-border QR payment services between Thailand and Lao PDR. This project is under the cooperation between the Bank of Thailand and the Bank of the Lao PDR (BOL) to enhance the efficiency of and facilitate international financial infrastructure, allowing seamless connectivity within the ecosystem under the same standards region-wide. Aside from providing convenience and creating the most satisfying service experience for customers, this service aims to reduce cross-border financial costs. Additionally, the Bank plans to expand the QR payment service connection with India within 2024.”
In 2024, KResearch projects that the number of international tourist arrivals in Thailand will reach more than 36 million. This presents an opportunity for businesses to generate additional income from the recovery in Thai tourism with the cross-border QR payment service that accepts payment for goods and services from foreign tourists. KBank’s merchants can use QR on the K SHOP application and the Bank's Electronic Data Capture (EDC) machines for payment acceptance from tourists from seven countries/territories, including Malaysia, Hong Kong, Indonesia, Singapore, Cambodia, Vietnam, and most recently Lao PDR. This will provide convenience for tourists as they no longer need to exchange or carry a large amount of cash, and can simply use the mobile banking apps of banks in their home country. Thai merchants can also accept payment without hassle, allowing foreign customers to use their mobile banking app to scan QR codes and pay, just as they do with Thai customers. Merchants will receive payment for goods and services in Thai Baht at the actual price of those items, with no worrying about exchange rates and no fees. Additionally, K SHOP merchants can use the voice notification feature, making it convenient and fast to track incoming funds.
Dr. Pipatpong added that the volume of KBank’s cross-border QR payment thus far accounts for more than a 40-percent share of the market. There are more than 2 million service points nationwide. The stores with the highest payment volume are restaurants, followed by fashion items, aligned with the spending behavior of tourists. After introducing the service to Lao tourists this year, the Bank aims to increase the volume of its international QR payment transactions by 30 percent compared to the previous year. Interested merchants can view more details at https://www.kasikornbank.com/th/business/sme/financial-services/pages/crossborderqr.aspx, or call the K-BIZ Contact Center at 02-8888822.