Global: Hong Kong and Thailand Collaborate on New Cross-Border QR Code Payment System

Hong Kong and Thailand have joined forces to introduce a groundbreaking cross-border QR code payment system, FPS x PromptPay Link. The collaboration between the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) is designed to streamline retail payments for travelers between the two regions.

This initiative allows travelers from Hong Kong and Thailand to make retail payments seamlessly by scanning the Hong Kong Faster Payment System (FPS) QR code and Thai PromptPay QR code displayed by merchants, utilizing their mobile payment applications. The key objectives are to provide a swift, secure, and easily accessible retail payment service while enabling merchants to receive funds immediately.

HKMA CEO Eddie Yue expressed his satisfaction with the collaboration, stating, “The HKMA is very pleased to work with the Bank of Thailand on this initiative, which provides a safe, convenient, and efficient means for travelers to make cross-border retail payments. The launch of this service today marks an important milestone for the FPS in Hong Kong in expanding its usage to cross-border payments.”

BOT Governor Sethaput Suthiwartnarueput emphasized the benefits of this collaboration, stating, “This collaboration with Hong Kong is an important milestone in Thailand’s digitalization efforts and demonstrates our commitment to creating more efficient and inclusive cross-border payments in the region. This linkage will bring tangible benefits not only to the 1.5 million tourists from these two economies but also to merchants serving them.”

The HKMA has been actively involved in studying the use of central bank digital currencies (CBDCs) for B2B payments. In a recent pilot program organized by the HKMA under the “Digital Hong Kong Dollar” initiative, Visa successfully completed a test on tokenized deposits using CBDCs. The pilot showcased the advantages of B2B payment tokenization, including faster payment speed, improved settlement risk management, enhanced payment network resilience, and increased transaction transparency.