Recently, the central banks of Thailand and Malaysia rolled out a cross-border QR payment linkage in a bid to make consumers and merchants in both countries make and receive real-time cross-border payments.
It was reported that the projects will integrate the real-time payment system of Malaysia’s RPP/DuitNow and Thailand’s PromptPay. Both country's users can use their mobile payment applications to make online cross-border e-commerce transactions, cross-border remittances, and real-time fund transfers by scanning relative QR codes, which will be made in three phases.
l In the first phase, Thailand users can scan DuitNow QR codes to make payments to Malaysian merchants for online cross-border e-commerce transactions.
l In the second phase, Malaysian users can scan Thai QR codes to make payments to Thailand merchants. It is expected to go live in the fourth quarter of 2021.
l In the third phase, the cross-border remittance will be supported. Users in both countries can make real-time fund transfers conveniently by referencing the mobile phone number of the recipient. It is expected to go live in the fourth quarter of 2022.
There is no doubt that the QR payment linkage is able to elevate the efficiency and convenience of cross-border payments by providing users with faster, contactless, and more digital financial inclusion measures. And it seems like the extension for Thailand’s 2020 e-payment roadmap calls for the bolstering of digital financial transactions across ASEAN and promote financial integration in the region.
However, no matter the strong momentum of the digital payment market or the strong policy supported by the countries, mobile point of sale or point of service is the important and safe tool for merchants to complete digital payment and make customers access the seamless and convenient payment experience.
Take Telpo mobile point of sale TPS320 for a reference. The mobile point of sale can allow customers to take the initiative to show their payment code and make merchants make and receive instant QR code payments. Moreover, the point of service also allows merchants to present their received payment code and customers use their mobile phone application to scan the QR code for payment.
In addition, the advanced mobile POS can provide member identification, web page printing, label printing, fiscal registration, membership loyalty program, online ordering, delivery and even customization services. In this way, it can help businesses lack of software development ability to reduce development cycle and cost and make them enjoy the benefits of cross-border QR payment when resume travel at the post-pandemic stage.
TPS320 mobile POS
Equipped with Telpo cloud platform, merchants able to remote manage the mobile POS and obtain real-time order information and transaction records. With the help of big data, merchants can accurately analyze passenger flow, promote effective marketing and improve passenger flow and operational efficiency.
Cross-border QR payment linkage serve as a key enabler to strengthen regional connectivity and financial integration, the mobile point of sale helps cross-border QR payment put into use as soon as possible and start consumer's and merchants digital payment journey.
Tag: mobile POS, mobile point of sale, point of service, Thailand, Malaysia, cross-border QR payment, digital payment
Brief Introduction: Founded in 1999, Telpo is a worldwide first-rate smart terminal and solution provider. It mainly provides EFT-POS, cash registers, biometric devices, facial recognition machines, self-service kiosks, and bus validators. Telpo has served more than 1000 customers abroad, including government, banks, Telecom operators, police stations, Retail shops, and offices. Telpo adheres to R&D and innovation, aiming to provide more intelligent hardware for global partners.