Alexander Lewis 
Dec 04, 2023
Hong Kong and Thailand have launched a cross-border QR code payment service, which aims to provide a swift, secure, and easily accessible retail payment experience for travellers. The service is set to revolutionize the way travellers handle currency exchange.
From December 4, residents from both regions will be able to make transactions using their local digital payment platforms, thanks to a landmark agreement between the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand.
How Hong Kong, Thailand cross-border QR payments work
Hongkongers travelling to Thailand will be able to make purchases using the Faster Payment System (FPS), while Thai visitors in Hong Kong can pay via PromptPay at merchants accepting QR code payments. Payments will be processed at the real-time foreign exchange rate, eliminating the need for currency exchange.
Benefits
Eddie Yue Wai-man, CEO of HKMA, highlighted the benefits of this initiative at FinTech Week, stating that Hong Kong residents can enjoy hassle-free shopping at over 8 million Thai merchants during the upcoming holiday season.
He emphasised that this development is a significant step towards enhancing the cross-border payment landscape at both retail and wholesale levels.
Future plans
The digital payment system link is part of a broader collaboration between Hong Kong, Thailand, China, and the United Arab Emirates on the “mBridge” Central Bank Digital Currency project, aiming to simplify international payment settlements.
Plans are already in motion to extend this groundbreaking linkage to other countries in the near future. This is a significant development in the cross-border payment landscape, and it will be interesting to see how it evolves in the coming years.
