Under the guidance of the Bank of Thailand, Ant International, National ITMX, and Krungthai Bank are collaborating to strengthen cross-border payment connectivity between Thailand and China via PromptPay.

Krungthai Bank will serve as the settlement bank for the initiative, which will enable Chinese travellers to make payments at Thai merchants by scanning PromptPay QR codes using Alipay, an Alipay+ e-wallet partner.

PromptPay, introduced by the Bank of Thailand in 2016 and operated by National ITMX, is the country’s national payment infrastructure supporting transactions across multiple channels, including regional cross-border payments.

Chatchai Dusadenoad, Managing Director of National ITMX, said:

“The launch of cross-border payment services between PromptPay and Alipay marks not only a significant enhancement of convenience for travellers from both countries, but also opens new business opportunities for Thai merchants of all sizes by connecting Thailand’s payment infrastructure to the global financial network.”

Edward Yue, Alipay+ General Manager for SEA, ANZ and South Asia at Ant International, added:

“Our partnership with NITMX and Krungthai Bank builds on the Bank of Thailand’s commitment to reducing barriers between global consumers and local merchants. With tourism an important driver between Thailand and China, this collaboration will help foster cross-border commerce and inclusive growth.”

Alipay, part of Ant International’s Alipay+ e-wallet ecosystem, has been available in Thailand since 2015 and is accepted across key sectors including retail, food and beverage, attractions, and transport.

The new partnership will expand Alipay acceptance to more merchants, particularly smaller businesses.

Featured image credit: ITMX

This article first appeared on Fintech News Singapore