Krungsri (Bank of Ayudhya PCL), Thailand’s financial innovation leader, together with
Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial institution and one of the world’s leading financial groups, will jointly launch a cross-border QR code payment system, enhancing payment convenience and security for Thai people. Customers will be able to scan the Thai QR code with any mobile banking application at leading shopping malls and popular stores throughout Japan, starting in December 2018.
Mr. Thakon Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division, said “the synergy between Krungsri and MUFG in advancing the QR code payment system via PromptPay serves as a stepping stone toward the global payment platform, happening for the first time in Japan, the home country of Krungsri’s strong strategic partner, MUFG, Japan’s largest financial institution. The cross-border payment service using the Thai QR code will be initially rolled out in leading shopping malls and popular stores throughout Japan in this December before being expanded to other stores across the country through MUFG’s vast distribution network.”
Thailand’s standardized QR code payment platform was adopted at the end of 2017. Currently consumer behavior has dramatically changed from cash-based payments to cashless transactions, particularly QR code payments. However, all transactions have been conducted in the domestic market. Therefore, this new service will mark the first time of cross-border payment transactions.
“With the Thai QR code payment system, Thai consumers can rest at ease with convenience when visiting and shopping in Japan. It is handier as you can use any mobile phone app for QR code scanning, without the need to download a new app. Also, it’s safer without the need to carry around lots of cash, and there’s value for money with the exchange rates better than those of credit card payments. You will instantly know the payment amount in Thai baht at the point of purchase.” Mr. Thakorn added.
“Krungsri and MUFG are proud to take part in the development of the Thai QR code payment system,” he said.