BIDV deploys QR code payment service with Thailand

PHAm ngoc

On 26 March 2021, the State Bank of Vietnam officially announced the implementation of retail payment via QR code between Vietnam and Thailand. BIDV is one of the leading banks with advanced financial technology that accepts QR code payment, providing cross-border payment service for Thai tourists in Vietnam.

Accordingly, customers purchasing products and services at over 2,000 merchants that accept QR code payment may use a mobile device and scan QR code via any mobile banking app of Thai banks instead of using cash or a bank card.

Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam, commented: “The launch of this pilot project today marks a significant accomplishment in the relationship between the two central banks and two countries. It is also an important milestone in the collaboration of ASEAN central banks in implementing ASEAN’s initiative on QR code payment connection to deepen regional economic integration and foster digital transformation of each economy”.

Mr. Ronadol Numnonda, Deputy Governor of the Bank of Thailand said: “The benefits of this project come in many forms. It will offer convenience and security for people travelling between our countries, leading to growth in tourism and contributing to our countries’ progress towards a more digitalised society.”

Successfully implementing the interoperable QR Code for Thai customers, BIDV has reaffirmed its determination in digital transformation and readiness for the development and application of IT in order to bring a superior experience to local and foreigner customers. Over 2,000 points of sale that accept QR code payment include retail stores, restaurants, hotels, supermarkets and book stores. The launch of this service is not just about providing a convenient, safe and modern payment method for customers, but also contributing to the cooperation between the two countries, preparing for the return of tourism between Vietnam and Thailand in the coming time. In 2019, the number of visitors travelling between the two countries reached around 1.5 million.