BANGKOK (NNT) – The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have launched on Thursday a linkage of Thailand’s PromptPay and Singapore’s PayNow, marking the world’s first bridge between national real-time retail payment systems.
The linkage allows customers of participating banks in Thailand and Singapore to transfer funds of up to THB25,000 or S$1,000 daily across the two countries, using just a mobile number. The funds will flow seamlessly and securely between customers’ accounts in both countries.
Transfers will be completed within a few minutes, representing a marked improvement over the average of 1-2 working days needed by most cross-border remittance solutions. The participating banks have committed to benchmark their fees against the market. The fees will be affordably priced and transparently displayed to senders before confirming their transfers.
Senders will also be able to view the applicable foreign exchange charges before sending their funds, with these rates benchmarked closely to prevailing market rates.