The Kasikorn Bank of Thailand has announced its support for QR payment across borders with Laos, allowing Laotian tourists to make payments in Thailand through QR payment nationwide.
Dr. Phiphat Phongsaiyanont, the Managing Director of Kasikorn Bank, revealed that the bank has developed the cross-border QR payment system with the Bank of the Lao PDR, serving as the settlement bank for international transactions between Thailand and Laos. This initiative is a collaboration between the Bank of Thailand and the Bank of the Lao PDR.
Laos is the 7th country to support Thailand’s QR payment system for cross-border transactions, following Malaysia, Hong Kong, Indonesia, Singapore, Cambodia, and Vietnam. Kasikorn Bank also plans to expand to India by the end of 2024.
Merchants in Thailand can utilize QR codes from the K Shop app and Kasikorn Bank’s EDC machines as usual. However, international tourists from the aforementioned 7 countries will need to use mobile banking apps that support this system.
Dr. Phiphat Phongsaiyanont further mentioned that Kasikorn Bank holds over 40% market share in QR payment and has over 2 million payment acceptance points throughout Thailand.
TLDR: Kasikorn Bank of Thailand now supports cross-border QR payment with Laos, making it easier for Laotian tourists to make payments in Thailand using QR codes. Laos is the 7th country to join this initiative, with plans to expand to India by the end of 2024. Kasikorn Bank holds a significant market share in QR payment and has over 2 million payment acceptance points across Thailand.
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