Cross-Border QR Payment Service
Service features
The Cross-Border QR Payment is an extension of PromptPay's QR Code payment for the support of cross-border transactions. The payer can use the mobile banking application of a participating bank to purchase products/services at foreign retailers' point of sale via QR code.
Similarly, Thai local retailers can accept payment via QR code from foreign customers. This service enables both payer and retailer customers of member banks from both countries to conduct cross-border transactions quickly and securely using mobile banking applications, just as they can in domestic transactions. Customers do not need to exchange large amounts of cash in foreign currency when traveling abroad, and they can also avoid foreign exchange fees. This can also encourage the use of local currency in settlements between banks in the two countries, eliminating the need to refer to the USD exchange rate and thus improving the economic and financial stability of ASEAN Member States.
Service Model
The company will serve as a medium infrastructure for connecting QR Code Payment IT systems with foreign countries via Switch-to-Switch connections, as well as providing IT operations and back-office support. This allows member banks to lower their workloads and focus more on providing services that meet the needs of their customers and developing business with their foreign partners
The Cross-Border QR Payment service is divided into two usage patterns as follows:
1) C scan B or Merchant present QR
- THAI Out-Bound is a payment transaction made by the customer of Thai local member bank (Issuer Bank) via mobile banking by scanning the QR Code at retailers from an overseas member bank (Acquiring Bank).
The issuer bank will send the data obtained from QR Code scanning to the ITMX system, which will read the QR string value and query the acquirer bank in the foreign country for retailer data through that country's central switching system linked to ITMX.
Following that, ITMX will send the retailer's data from the overseas acquirer bank, as well as exchange rate information, back to the issuer bank for the customer to confirm payment of such transaction.
The customer who make the transaction will have their bank account debited in Thai baht currency at the same amount as the product's price purchased in that foreign country's currency, using the exchange rate set by the Thai local settlement bank. Foreign retailers will receive payment in their local currency for the total amount of the product sold.
- THAI In-Bound is the payment transaction made by a customer of an overseas member bank (Issuer Bank) through mobile banking by scanning TH QR Code at the retailers of the Thai local member bank (Acquiring Bank)
The issuer bank will send the data obtained from Thai QR Code scanning to that country's central switching system linked to ITMX before reading the QR string value and making query to the Thai local acquirer bank.
Following that, ITMX will send the retailer's data from the Thai local acquirer bank back to the issuer bank via that country's central switching system for the customer to confirm payment of such transaction.
The local retailer in Thailand will receive payment in Thai baht currency for the total amount of the product sold, based on the exchange rate set by the settlement bank of the country of the issuer bank.
2) B scan C Model or Customer present QR
- THAI Out-Bound is a payment transaction made by a customer of a Thai local member bank (Issuer Bank) by presenting a Thai QR Code generated from mobile banking of the member bank in Thailand to the retailer of an overseas member bank (Acquiring Bank) for scanning, which will then send the Request-to-pay to the ITMX system via that country's central switching system linked to ITMX.
Following that, ITMX will send data obtained from the acquirer bank to the issuer bank in Thailand for the customer to confirm payment of such transaction.
The customer who make the transaction will have their bank account debited in Thai baht currency at the same amount as the product's price purchased in that foreign country's currency, using the exchange rate set by the Thai local settlement bank. Foreign retailers will receive payment in their local currency for the total amount of the product sold.
- THAI In-Bound is the payment transaction made by a customer of an overseas member bank (Issuer Bank) by presenting a Thai QR Code generated from mobile banking of the overseas member bank to the retailer of the Thai local member bank (Acquiring Bank) for scanning, which will then send the Request-to-pay to the ITMX system via that country's central switching system linked to ITMX and to request the customer for confirmation of such payment transaction.
The customer who make the transaction will have their bank account debited in the local currency of that foreign country, using the exchange rate set by the settlement bank of that foreign country. The retailer in Thailand will recieve payment in Thai baht currency for the total amount of the product sold.
Banking Institutions
Qualifications of the Service Bank
- Must be a member bank that uses ITMX’s PromptPay service and has a payment service developed by QR Code Payment with the company.
- Must submit a request for the Cross-Border QR Payment Service application on behalf of the service bank and prepare an attachment of the service agreement on providing QR Code payment service or payment collection across countries to the customer of member bank or the service provider retailer from participating countries.
- Must agree to comply with the service's code of conduct and regulations relating to Anti-Money Laundering, Combating the Financing of Terrorism, and Fraud Protection (AML/ CFT) as required by national law.
Membership Revocation of the Service Bank
1) Membership is revoked at the request of the member bank upon cancellation of the Cross-Border QR Payment Service contract on behalf of the service bank.
2) Membership is revoked at the request of the member bank upon cancellation of the Single Payment System contract.
3) Membership is revoked upon the termination of APN Hub Services' membership contract due to the disqualification of that member bank as specified in the contract.
Qualifications of the Settlement Bank
1) Must have Bank of Thailand approval in order to operate funds settlement for foreign counter-parties for the corridor that bank has been chosen to serve as the settlement bank on behalf of other Thai member banks.
2) Must be a member bank that uses the Cross-Border QR Payment Service on behalf of the service bank.
3) Must submit a request for the Cross-Border QR Payment Service application on behalf of the service bank and prepare a Settlement Agreement contract on provision of funds settlement for foreign counter-parties as mentioned in 1)
4) Must agree to comply with the service's code of conduct and regulations relating to Anti-Money Laundering, Combating the Financing of Terrorism, and Fraud Protection (AML/ CFT) as required by national law.
Bank Customers
Customers of Cross-Border QR Payment Service member banks can use QR Code Payment services to make purchases at retailers in foreign countries (in the case of individuals customers of Thai local banks) or receive payments using QR Codes of customers from foreign countries (in case of retailer customers of Thai local bank). The customer can contact the bank of service directly for more information.
of Service
