The Viet Nam National Payment Joint Stock Company (NAPAS) and Thailand Switching Company (NITMX) have announced the successful connection of retail payments using QR codes between Vietnam and Thailand.
The project, under the direction of the State Bank of Viet Nam (SBV) and the Central Bank of Thailand, follows upon an agreement signed in 2019 to promote bilateral trade, investment, and tourism and to increasing the use of local currency digital payment systems between the two countries.
In the first phase, Thai tourists can use the Bangkok Bank mobile app to scan VietQR code to pay for goods and services at TPBank and BIDV in Vietnam. While Vietnamese tourists can use Sacombank and TPBank's mobile phone applications to scan the ThaiQR code to pay for goods and services at Bangkok Bank's merchants in Thailand.
The smartphone system is also faster and more convenient than cash payments and minimizes the risk of transaction fraud by using passwords or bio-recognition for authentication. Payments will be directly exchanged between Thai Baht (THB) and Vietnamese Dong (VND) based upon daily exchange rates, so consumers always know how much they are paying for good and services.
Nguyen Kim Anh, Deputy Governor of the SBV said: “The successful connection is an important achievement in the cooperation between the two central banks. This is also an important milestone in the cooperation between the central banks of ASEAN countries in implementing ASEAN's initiative to connect payments using QR codes that are compatible with the goal of promoting regional economic integration and digital transformation of each economy.”