Transferring money between Singapore and Thailand has become faster and easier from yesterday, thanks to a ground-breaking partnership between the PayNow system here and Thailand’s similar PromptPay.
The initiative marks the first time the local peer-to-peer (P2P) payment systems of two countries anywhere in the world have been linked.
Three of Singapore’s 12 PayNow banks are participating in the scheme – DBS Bank, OCBC Bank and UOB – together with Thailand’s Bangkok, Kasikorn, Krung Thai and Siam Commercial banks, noted the Association of Banks in Singapore (ABS).
The Monetary Authority of Singapore (MAS) and Bank of Thailand (BOT) said they will progressively add more participating banks and extend the transfer limits to facilitate business transactions.
P2P transactions – also known as person-to-person payments – are money transfers that can be done on mobile devices through a linked bank account or credit card.
Customers of the participating banks will be able to transfer funds of up to $1,000 or 25,000 baht (S$1,060) daily.