Bangkok--4 Apr--Thanachart Bank
Thanachart Bank Public Company Limited (TBANK) will unveil "Thanachart Bank and BCEL joint initiative for Cross-border QR Payment" at the ASEAN Payment Connectivity Exhibition in Chiang Rai from the 2nd to the 5th of April 2019. This initiative, which is the pioneering cross-border payment solution that integrates quick response (QR) mobile technology with Thailand's electronic payments mechanism PromptPay, has been jointly developed under the auspices of TBANK and its partner BCEL (Banque Pour Le Commerce Exterieur Lao Public) - the largest commercial bank with largest market share in electronic banking in the Lao People's Democratic Republic. Mr. Anuwat Luengtaweekul (Executive Vice President and Chief Retail & Small Business Banking Officer, TBANK), Mr. Phoukhong Chanthachack (Managing Director, BCEL), and Mr. Nanthalath Keopaseuth (Deputy Managing Director, BCEL) will take part in a live product demonstration at the event.
"Lao-scan-Thai QR Payment Service" enables BCEL's customers to pay at the point of purchase in Thailand via 'BCEL One Pay' mobile application, bringing the cross-border mobile payment experience to another level.
"Lao-scan-Thai QR Payment Service" was rolled out last year in collaboration with BCEL as the first phase of "Thanachart Bank and BCEL joint initiative for Cross-border QR Payment". The Service enables BCEL's customers to settle their purchases in Thailand in the real-time manner simply by scanning the Thai merchant's QR Code with their 'BCEL One Pay' mobile application and instantly confirming the payment transaction. Under bank sponsorship model with TBANK acting as the "Sponsor Bank" on behalf of BCEL in Thailand, the Service is available to BCEL's customers at all participating outlets in Thailand regardless of whether or not the Thai merchant itself is TBANK's customer. Delivered with the most stringent security standard, the Service aims to increase payment efficiency and convenience, reduce hassles of physical cash, eliminate small-change shortage, and minimise currency fluctuation risk. The success of "Lao-scan-Thai Payment Service" is indeed attributed to its being the first fully-functioning cross-border payment service ever offered in Thailand.
According to Mr. Anuwat Luengtaweekul (Executive Vice President and Chief Retail & Small Business Banking Officer, TBANK), in addition to the "Lao-scan-Thai Payment Service" soft-launched in the third quarter of last year, this year TBANK and BCEL introduce "Thai-scan-Lao Payment Service" as the second phase of "Thanachart Bank and BCEL joint initiative for Cross-border QR Payment". The Service now enables Thai banks' customers travelling to Laos to similarly settle their purchases at the participating outlets in Laos, using Thai bank's mobile payment application. The Laotian merchants must be BCEL's customers though.
Against the backdrop of burgeoning border trades, this pioneering cross-border payment solution that integrates the QR mobile technology with PromptPay shall contribute to strengthening financial connectivity and deepen economic ties between the countries even further.