The Monetary Authority of Singapore and the Bank of Thailand have partnered up to deliver the PayNow and PromptPay solution allowing cross border transfers on an almoist instant basis up to 1000 Singapore dollars or 25,000 THB.
Fees are reduced by 50% using this new system, and transfers take 1-2 minutes (which used to take several days).
Mr Ravi Menon, Managing Director of MAS, said, “The PayNow-PromptPay linkage is a pioneering effort. It shows that existing payments infrastructure and the banking system have the potential to provide seamless cross-border payment options to retail customers. The PayNow-PromptPay linkage is only the beginning. MAS’ shared objective with BOT is to work with our ASEAN counterparts to expand this bilateral linkage into a network of linked retail payment systems across ASEAN. With the rise of the digital economy, we want to empower individuals and businesses in the region with simple, swift and secure cross-border payments through just a few clicks on their mobile phones.”