Hong Kong and Thailand launch FPS x PromptPay link for cross-border retail payments

The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (left), and the Governor of the Bank of Thailand, Dr Sethaput Suthiwartnarueput (right), attend the launching ceremony of the FPS x PromptPay Link.

4th December 2023 – (Hong Kong) The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have announced the launch of the FPS x PromptPay Link, a cross-border QR payment service between Hong Kong and Thailand. This initiative aims to provide seamless retail payment services for travellers between the two destinations. By utilizing their mobile payment applications, tourists from Thailand and Hong Kong can now scan the QR codes provided by merchants in each respective country, allowing for convenient and efficient retail payments. This new payment option not only benefits travellers, but also enables merchants to receive funds in real-time.

Mr. Eddie Yue, Chief Executive of the HKMA, expressed his delight a few das ago in collaborating with the BOT to introduce this new measure, which provides a secure and convenient cross-border retail payment solution for travellers. The launch of this service marks a significant milestone for the Hong Kong Faster Payment System (FPS) in expanding its usage to cross-border payments. Dr. Sethaput Suthiwartnarueput, Governor of the BOT, also emphasized the importance of this collaboration, highlighting its role in Thailand’s commitment to digitalisation and the creation of efficient cross-border payment services within the region. This initiative is expected to bring tangible benefits to the 1.5 million tourists visiting both destinations, as well as the merchants serving them.

Several institutions are involved in providing this cross-border QR payment service to customers through their mobile payment applications. In Hong Kong, seven participating banks and two non-bank stored value facilities are included, while in Thailand, three commercial banks are participating. The collaboration between these institutions, under the joint stewardship of the HKMA and BOT, will ensure a seamless payment experience for users. The list of participating institutions and the QR codes provided to supporting merchants can be found in the appendix of the original article.