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.
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.