PromptPay-PayNow
The world’s first real time payment linkage between Thailand’s PromptPay and Singapore’s PayNow aims to enable cross-border transfers between the two countries as it provides convenient, fast (within minutes), and safe cross-border money transfer at a fraction of the usual cost, similar to that of domestic transfers.
In the first phase, customers of participating banks may transfer their money not exceeding SGD 1,000 or THB 25,000 per day via the participating bank application using the mobile number of the recipient, without the need to provide other information like that of a usual international transfer (e.g., recipient’s name and account details).
In the future, the Bank of Thailand aims to expand the PromptPay-PayNow linkage by increasing number of participating banks and lifting daily limit to further support business transactions.