Ripple, Thailand’s oldest bank are working on cross-border payments via QR codes

Ripple • January 9, 2020, 5:30AM EST
UPDATED: January 9, 2020, 11:16AM EST
The Block/Benjamin Friedrich

Ripple and Thailand’s oldest bank, Siam Commercial Bank (SCB), are working on enabling cross-border payments via QR (Quick Response) codes.

Revealing the development on Wednesday, Ripple said the QR code system will allow SCB to offer its customers remittance services, as well as micro-payment services.

“Imagine you are a tourist coming to Thailand, and you can use your home country mobile application to scan for payment and eliminate the need to exchange for local currency. You can use your mobile app, scan the QR payment and receive goods right away,” said Arthit Sriumporn, SVP of commercial banking at SCB.

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Notably, the 112-year old bank already provides cross-border QR payments via Singapore-based payment services firm Liquid Group. It is not clear how Ripple's partnership on the initiative is different. The Block has reached out to Ripple and will update this story if we hear back.

SCB’s cross-border payments app, SCB Easy, also runs on Ripple, per Wednesday’s announcement. The app's planned integration with Ripple was first revealed by users on Twitter in May.

Sriumporn said Ripple's tech allows users to transfer funds “within 40 seconds" through the app.

Looking ahead, SCB is planning to expand Ripple-based services into Cambodia, Laos, Myanmar and Vietnam, per the announcement.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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