05 Oct '17, 9am

Singapore and Thailand look to link e-payment schemes

Singapore and Thailand look to link e-payment schemes

The initiative, which would be a first in the Asean region, is also being driven by the aggressive expansion of China-based e-payment providers such as WeChat and AliPay which are becoming more prevalent in both Singapore and Thailand, threatening the prospects of their own respective national schemes, PayNow and PromptPay. “The Monetary Authority of Singapore and the Bank of Thailand are exploring the possibility of a link between the two networks," said Naphongthawat Phothikit, director of payment systems policy at the Bank of Thailand. Discussions are at a preliminary stage, he said, adding that any talk of a timeline would be premature. Despite trailling the adoption rates in Europe, Asia has become a fertile market for e-payment providers as nations such as India and Indonesia and China look to discourage the use of cash in favour of mobile and electronic payment meth...

Full article: https://www.finextra.com/newsarticle/31150/singapore-and-...

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