Thai Digital Wallet PromtPay Integrates with Hong Kong’s Faster Payment System, Enabling Thai Individuals to Easily Scan and Pay with Major Bangkok Banks – Bangkok Bank, Krung Thai Bank, and Krungsri Bank – Embracing the First Wave of Innovation.

The Bank of Thailand has collaborated with the Hong Kong Monetary Authority (HKMA) to establish a connection between Hong Kong’s Faster Payment System (FPS) and Thailand’s PromptPay. This partnership enables users on both sides to seamlessly transfer funds through scanning.

While not all banks have joined the initiative, Thai banking apps that support payments in Hong Kong include Bangkok Bank, Krungthai Bank, and Krungsri Bank. Additionally, Hong Kong users can make payments in Thailand through five Thai banks, namely Bangkok Bank, Krungthai Bank, Krungsri Bank, Kasikornbank, and Siam Commercial Bank. However, the Hong Kong side utilizes payment apps from eight financial institutions.

QR-based payment systems are progressively gaining popularity in the ASEAN region. Examples include Singapore’s SGQR, Indonesia’s QRIS, and Vietnam’s VietQR. However, bilateral agreements are typically established between different banks each time, thereby making compatibility and acceptance between systems a recurring challenge.

TLDR: The Bank of Thailand and the Hong Kong Monetary Authority have collaborated to connect Hong Kong’s FPS with Thailand’s PromptPay, allowing users on both sides to conveniently make cross-border payments. While some banks have yet to participate, various Thai and Hong Kong banks have already adopted the initiative. However, the prevalence of QR-based payment systems across ASEAN countries presents ongoing compatibility issues.