Displaying items by tag: QR Codes

Cambodian and Thai regulators recently announced the launch of an interoperable payment QR code for use between Cambodia and Thailand. Cambodian tourists who visit Thailand may now use their mobile banking app to pay in Cambodian riel when shopping at stores that display a Thai QR Payment sign, while the same functionality will be extended to Thai tourists in Cambodia by Q3 this year.

A collaboration between the Siam Commercial Bank (SCB) and five Cambodian commercial banks, the interoperable QR code was developed upon domestic electronic transfer system PromptPay which runs on Vocalink infrastructure. ACLEDA Bank PCL, Cambodia Commercial Bank (CCB) and the Foreign Trade Bank of Cambodia (FTB) are sponsoring banks of the collaboration, which mean that other banks would be required to work with the three in order to provide the service.

On September 18^th 2018 the MAS launched the Singapore Quick Response Code (SGQR). Within the next year, 27 different mobile wallet providers including PayNow, NETS, GrabPay, Liquid Pay, and Singtel Dash will incorporate the new standardised code. The SGQR is the first of its kind globally and represents a significant change to the e-payment landscape. Interoperability is seen as a key infrastructural requirement for mobile payments and will have several impacts on new and incumbent firms in the market.