Card payment providers standardise QR codes in Thailand
(12 May 2017 – Thailand) Three major payment service providers have introduced a standardised QR code for payments by mobile phone at merchant locations across Thailand.
Drafted to be implemented by banks and businesses across Thailand by the third quarter of 2017, the new standard will mean that consumers will no longer need to scan different QR codes to make payments with Mastercard, UnionPay and Visa. Merchants will only need to display one QR code at the storefront or through the acquiring bank’s mobile application.
The introduction of the interoperable code supports the Bank of Thailand’s cashless agenda as part of a National e-Payment Roadmap introduced by the Ministry of Finance.
The standards are intended to be globally interoperable, providing a seamless experience for cardholder when travelling abroad.
UnionPay International Southeast Asia’s general manager Wenhui Yang said: “UnionPay now chairs an international workgroup with other payment networks to develop a global QR Code Standard for payments. We believe the Standardised QR Code has the potential to support and strengthen the Thai economy and help Thailand become a truly cashless society.”
Mastercard Country Manager, Thailand and Myanmar, Donald Ong said: “The launch of the Standardised QR Code signals exciting times for Thailand as consumers move quickly to adopt new payments technology. Our own research, for example, shows that 50 percent of young consumers across South East Asia would use the QR code straightaway, and we believe this reflects the demand in Thailand. This demand will grow further as the technology is rolled out at small shops across the country, and includes bill payments and cash on delivery as well. Developed in line with global standards, this QR code solution means Mastercard users have even more peace of mind, as well as extra convenience when paying for goods and services. This is yet another strong offering as Mastercard supports Thailand’s evolution towards a cashless society.”
Visa Country Manager, Thailand, Suripong Tantiyanon added: “Visa is proud to have contributed to the development of Standardized QR Code in Thailand as we believe it has the potential to significantly accelerate the growth of electronic payments acceptance in the country. This is especially true for consumers as well as small merchants, as it lowers cost and is easy to implement, eliminating the need for traditional POS hardware. The success of mVisa worldwide has proven a QR code solution to be scalable, secure and easy to use. Increased use of electronic payments has contributed to meaningful economic growth, with more than US$3.18 billion or about THB 113 billion added to Thailand’s GDP from 2011 to 2015. We look forward to continuing to partner with our clients, merchants and the government to innovate and expand access to digital payments in Thailand, driving inclusive growth for everyone, everywhere.”
Subscribe