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PayNow in Thai Link-up For Fast Cross-border Payments

by CBDC Insider
April 30, 2021
in Asia, Business
Reading Time: 1min read
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PayNow in Thai Link-up For Fast Cross-border Payments
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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).

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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.

Read more: https://www.straitstimes.com/business/banking/paynow-in-thai-link-up-for-fast-cross-border-payments

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