NITMX, Ant International and Krungthai Bank Expand Payment Connectivity Between Thailand and China via PromptPay

Introduced by the Bank of Thailand in 2016, and operated by NITMX, PromptPay is the national payment infrastructure of Thailand, that supports payment services across multiple channels, including cross-border payments with regional digital apps.

Mr. Chatchai Dusadenoad, Managing Director of National ITMX, said: "The launch of cross-border payment services between PromptPay and Alipay marks not only a significant enhancement of convenience for travelers from both countries, but also opens new business opportunities for Thai merchants of all sizes - from small entrepreneurs to large enterprises - by connecting Thailand's payment infrastructure to the global financial network.

This collaboration highlights National ITMX's critical role as a backbone of Thailand's digital financial ecosystem, empowering the country's competitiveness on the international stage through innovation and seamless connectivity.

We firmly believe that the linkage of QR payment systems between Thailand and China will drive the continued growth of tourism, trade, and investment between the two nations, while strengthening Thailand's economic foundation for the future. National ITMX remains committed to continuously enhancing the country's financial infrastructure to meet the evolving needs of the digital era and to support users across all sectors."

"Our partnership with NITMX and Krungthai Bank builds on the Bank of Thailand's commitment to reducing barriers between global consumers and local merchants, a vision that we also share," said Edward Yue, Alipay+ General Manager for SEA, ANZ and South Asia, Ant International. "With tourism an important economic and cultural driving force between Thailand and China, our partnership will unlock new opportunities in the next chapter of the journey between both countries, as they celebrate 50 years of friendship. We will continue to enhance global connectivity between travellers and local businesses for more opportunities in cross-border commerce and inclusive growth."

Ms. Nareerut Ariyaprayoon, Head of Retail Banking Product & Strategy Group of Krungthai Bank, said that Krungthai Bank's selection as the Settlement Bank for the Thailand-China QR Cross-Border Payment Project marks another significant milestone for Thailand's financial system.

"This appointment reflects the strong confidence in Krungthai Bank's capabilities as a commercial bank with secure, reliable, and efficient digital infrastructure that enables seamless international connectivity," Ms. Nareerut stated.

She further emphasized that Krungthai's role in this initiative will facilitate Chinese tourists' spending in Thailand while also expanding income opportunities for small and medium-sized enterprises (SMEs) across the country.

"This serves as a vital mechanism to stimulate the local economy and drive sustainable growth in Thailand's tourism sector. In the first phase, Chinese tourists will be able to make payments in Thailand by scanning merchants' QR codes via Alipay. This expansion is expected to promote continuous growth in tourism and the economies of both countries." Ms. Nareerut concluded.

Alipay, a partner of Ant International's Alipay+ e-wallet ecosystem, has been accepted in Thailand since 2015, and can be used across key travel scenarios including shopping, F&B, attractions, convenience stores and even transportation. The partnership will expand Alipay acceptance to even more merchants, particularly small businesses and those in smaller cities. Beyond payments, in 2024, in collaboration with Ant International, the Tourism Authority of Thailand became the first tourism board in the world to launch an in-app travel hub within Alipay.

The partnership builds on Alipay+'s ongoing efforts to support payments interoperability in Thailand, connecting its international payment partners, including Alipay, to local businesses, and enabling them to benefit from tourism growth.

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