Under the guidance of the Bank of Thailand, Ant International and National ITMX have partnered to enhance cross-border payment connectivity between Thai merchants and Chinese consumers via PromptPay, with Krungthai Bank serving as the settlement institution.
In the initial phase, Chinese travelers visiting Thailand will be able to utilize Alipay, an e-wallet partner within Ant International’s Alipay+ ecosystem, to make QR payments at millions of local merchants by scanning the PromptPay QR code. PromptPay, introduced by the Bank of Thailand in 2016 and operated by NITMX, serves as Thailand’s national payment infrastructure, supporting various payment services, including existing cross-border functionalities.
Mr. Chatchai Dusadenoad, Managing Director of National ITMX, stated that the launch of cross-border payment services between PromptPay and Alipay represents a significant enhancement of convenience for travelers and opens new business opportunities for Thai merchants, from small entrepreneurs to large enterprises. He emphasized that this collaboration connects Thailand’s payment infrastructure to the global financial network, highlighting National ITMX’s critical role as a backbone of Thailand’s digital financial ecosystem. Mr. Dusadenoad anticipates that the linkage will drive continued growth in tourism, trade, and investment between Thailand and China, strengthening Thailand’s economic foundation.
Edward Yue, Alipay+ General Manager for SEA, ANZ and South Asia at Ant International, noted that the partnership with NITMX and Krungthai Bank aligns with the Bank of Thailand’s commitment to reducing barriers between global consumers and local merchants, a vision shared by Ant International. He added that with tourism being a key economic and cultural driver between Thailand and China, the collaboration will unlock new opportunities as the two countries celebrate 50 years of friendship, fostering global connectivity and inclusive growth.
Ms. Nareerut Ariyaprayoon, Head of Retail Banking Product & Strategy Group of Krungthai Bank, affirmed that the bank’s selection as the Settlement Bank for the Thailand–China QR Cross-Border Payment Project signifies a milestone for Thailand’s financial system. She highlighted the confidence in Krungthai Bank’s secure, reliable, and efficient digital infrastructure, which enables seamless international connectivity. Ms. Ariyaprayoon elaborated that Krungthai’s involvement will facilitate Chinese tourist spending in Thailand and expand income opportunities for small and medium-sized enterprises (SMEs) nationwide, stimulating the local economy and supporting sustainable growth in Thailand’s tourism sector.
Alipay, a key e-wallet within the Alipay+ ecosystem, has been accepted in Thailand since 2015, covering various travel scenarios including shopping, food and beverage, attractions, convenience stores, and transportation. This new partnership aims to broaden Alipay acceptance to more merchants, particularly smaller businesses and those in smaller cities. Furthermore, in 2024, in collaboration with Ant International, the Tourism Authority of Thailand became the first tourism board globally to launch an in-app travel hub within Alipay, demonstrating broader efforts to support payments interoperability and facilitate tourism growth.
