December 5, 2023
BANGKOK – The FPS x PromptPay Link for cross-border QR payment will provide people travelling between Hong Kong and Thailand with a fast, secure, and easily accessible cross-border retail payment service, according to a joint press release by the Bank of Thailand (BOT) and Hong Kong Monetary Authority (HKMA).
Visitors will be able to make retail payments by scanning the Hong Kong FPS QR code and the Thai PromptPay QR code displayed by merchants using their mobile payment applications.
Users benefit from an additional efficient payment method, while merchants will receive their funds immediately, the press release said.
The new payment service should also support Hong Kong and Thailand’s tourism and economic activities.
The maximum single payment via the service is 100,000 baht while no more than 500,000 baht in payments can be made per day.
There are no fees.
In a joint press release, Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput and HKMA chief executive Eddie Yue called the service an important milestone in its Faster Payment System (FPS)’s expansion of cross-border payments.
BOT Governor Sethaput said the collaboration with Hong Kong is a significant step forward in Thailand’s digitalisation efforts.
HKMA Chief Executive Yue expressed his delight at collaborating with the Bank of Thailand.
He said the launch marks an important milestone to the FPS in Hong Kong in expanding its usage to cross-border payments.
The respective instant payment systems are operated by Hong Kong Interbank Clearing Ltd (HKICL) and the National ITMX, while HSBC Hong Kong and Bangkok Bank are the settlement banks.
Offering the mobile app service are seven participating banks and two Stored Value Facilities in Hong Kong, and three commercial banks in Thailand.
Both central banks said cross-border QR payments will result in a more secure, efficient, and cost-effective retail payment option for the general public. The new service will also catalyse more collaborations on financial innovations in the future, they added.