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Thailand eyes cross-border payments with other countries

The Bank of Thailand (BOT) has planned to launch a digital payment service for businesses by April next year. It aims to expand cross-border payments with some other countries. Budsakorn Teerapunyachai, senior director at the BOT, said the central bank is planning cross-border remittances with Malaysia, India, and Indonesia, alongside QR cross-border payments with India and Hong Kong. Budsakorn said that PromptBiz could be a “game changer” in business payments if it mirrors the take up of PromptPay. The PromptBiz platform will help businesses make and receive payments as well as send information. The service follows the launch in 2018 of PromptPay, a payment platform for the public. BOT data showed that the number of daily transactions made via the PromptPay platform currently averaged 36 million, up from 7 million in 2019, accelerated by demand during the pandemic.

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