The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) launched on Thursday a linkage of Thailand’s PromptPay and Singapore’s PayNow real-time retail payment systems.
Describing it as the first of its kind globally, they said in a statement the linkage followed several years of collaboration between the BOT and MAS, payment system operators, bankers’ associations and banks. (bit.ly/3t3aNe8)
Customers of participating banks in Thailand and Singapore will be able to transfer up to S$1,000 or 25,000 baht ($800) daily between the countries, using just a mobile phone number.
The process will not require a user to populate fields such as the recipient’s full name and bank account details, as required with a normal remittance.
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