Krungsri is the first commercial bank to offer cross-border QR payment services for Thai tourists travelling to Lao PDR via the KMA krungsri app. The new service allows outbound travelers to make payments to merchants easily, quickly, and securely. Aligning with the Bank of Thailand’s plan, the service was set officially launched on July 5, 2024.
Krungsri (Bank of Ayudhya PCL) proudly continues its journey as a leading regional bank in ASEAN by launching a cross-border QR payment service between Thailand and the Lao People’s Democratic Republic (Lao PDR).
This service allows travelers between Thailand and Lao PDR to easily make payments for products or services. Thai tourists can use the KMA krungsri app to scan QR codes with the Lao QR code symbol at merchants in Lao PDR. Similarly,
merchants using Krungsri Biz Mung-Mee for corporate businesses or Krungsri Mung-Mee Shop for individual businesses can receive payments from Lao tourists instantly, conveniently, and securely.
Krungsri’s comprehensive network across ASEAN
This initiative aligns with Krungsri’s current medium-term business plan (2024-2026) to strengthen the Bank’s comprehensive network across ASEAN,
as a leading regional bank that is committed to providing innovative financial solutions that meet all customer needs for their seamless daily life. It also supports the Bank of Thailand’s ASEAN Payment Connectivity to enhance economic potential among ASEAN member countries. The service is available from today.
Ms Ninlawan Jeeraboon, Krungsri Head of Transaction Banking Group,said, “Once again,
Krungsri has demonstrated its commitment to developing and offering the latest financial solutions that benefit personal life, work, and business.
The latest expansion to Lao PDR is particularly beneficial for travelers between the two countries. Tourists can now use the mobile app to make instant payments,
and merchants can conveniently and securely accept payments from foreign tourists, increasing sales opportunities.”
Cross-border QR payment is one of Krungsri’s innovative financial solutions designe to enhance the payment experience,
making it up-to-date and in line with the global shift to digital finance.
The cross-border payment connection between Thailand and Lao PDR builds on Krungsri’s existing services in six countries/economic zones: Japan, Cambodia, Indonesia, Malaysia, Singapore, Vietnam, and Hong Kong.
QR code payment makes cross-border transactions within ASEAN more convenient
“Currently, QR code payment is widely popular in ASEAN for both tourism and business. This makes cross-border transactions within ASEAN more convenient, fast, and secure. More importantly, it strengthens the region’s economic bargaining power and competitiveness. Krungsri recognizes the importance of developing digital payment innovations such as QR code payments through the KMA krungsri app to meet regional needs.
This aligns with our business expansion strategy to connect ASEAN through a strong financial network
and a deep understanding of the ASEAN market. Krungsri continues to expand its services to cover the entire ASEAN region and the Asia-Pacific,
aiming to become the leading regional financial institution that connects all customer needs with trusts.” Ms Ninlawan concluded.
About Krungsri
Krungsri(Bank of Ayudhya PCL and its business units) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits,
and one of Thailand’s six Domestic Systemically Important Banks
(D-SIBs) with 79 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group
and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 583 domestic branches (543 Banking Branches and 40 Auto Business Branches) and over 32,993 service outlets nationwide.
The Krungsri Group is the largest card issuer in Thailand with 10.2 million credit cards, sales finance, and personal loan accounts in its portfolio;
a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management);
and a pioneer in microfinance (Ngern Tid Lor).
Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.
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