QR-code payment to grow in ASEAN countries

Digital payment services in ASEAN countries have been developing rapidly in recent years. More and more people are using QR code scanning to complete payments. As most QR code payment transactions are based on the domestic banking system in each country, the payment systems of different countries are often independent and cannot be interconnected.

With the increasing frequency of regional personnel and trade exchanges, as well as changes in people's payment habits, ASEAN countries are actively expanding cross-border QR code payment cooperation. The Central Bank of Thailand and the Central Bank of Laos announced that starting from April, Laotian citizens can purchase goods or services in Thailand by scanning local merchants' QR codes. By the end of June, Thai citizens can also make payments by scanning QR codes of Laotian merchants.

Currently, popular mobile payment methods such as Alipay, Thailand's PromptPay, Malaysia's DuitNow, Indonesia's QRIS, and Singapore's NETS in the Asia-Pacific region have achieved varying degrees of interoperability in regional countries, gradually increasing the convenience of payments for people.

According to relevant reports, the volume of QR code payment transactions in ASEAN countries is expected to increase from 13 billion transactions in 2023 to 90 billion transactions in 2028.

Source: People's Daily; trans-editing by Wang Yunya