Singapore and Thailand Launch Real-Time Cross-Boundary Payments System

Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) has launched the linkage of Singapore’s PayNow and Thailand’s PromptPay real-time payment systems, enabling customers from both countries to perform cross-border fund transfers using only their mobile numbers.

Customers of participating banks in both countries will be able to transfer funds of up to $1,000 or THB25,000 daily across the two countries, using only their mobile phones. There is no need to fill-up forms or information at all.

Transfers will be completed in a matter of minutes, an improvement from the average of 1-2 working days for most cross-border remittances.

ThePayNow-PromptPay connection shows that existing payments infrastructure and the banking system have the potential to provide seamless cross-border payment options to retail customers, says Ravi Menon, managing director of MAS.

ThePayNow-PromptPay connection is only the beginning. MAS’ shared objective with BOT is to work with our ASEAN counterparts to expand this bilateral linkage into a network of linked retail payment systems across ASEAN.

Source: EIN Presswire Thailand