The product has been created to cater to the requirements of the customers who want to enjoy instant and low-priced cross-border payments in a secured and trusted ecosystem. The partnership between the two will also deliver cross-border EMVCo QR payments in the near future.
Siam Commerical Bank, a 112-year-old financial institution, announced a mobile banking interface that facilitates cross-border transactions at a lower cost. At the presentation held, the money had arrived at the recipient's bank account within 40 seconds by using the SCB Easy app. According to a survey conducted by PwC, almost 67% of Thailand's population uses mobile payment apps for transferring funds.
Arthit Sriumporn, the senior Vice President of SCB, said on-stage, "It is so hard to send and receive money today".
Given the popularity of mobile payment solutions across Asia, it is only normal for banks to focus on this particular segment.
He said people have to sacrifice their time to undergo stressful processes to receive payments without the necessary transparency. "With our service, their loved ones from overseas can transfer payment and receive money immediately", said Sriumporn. The demo reportedly demonstrated its ability to send cross-border payments in seconds, Coin Telegraph suggests. It has already joined hands with Ripple for another project involving worldwide EMVCo-QR payments, which will not only streamline remittances but also enable micro-payment services.
In the meantime, the senior vice president took the stage to also discuss their journey and the plans for the future. It now is 112 years old and boasts a customer base of more than 16 million people in Asia.
These include Laos, Vietnam and Cambodia, as well as Myanmar. Sriumporn also explained, "One connection equals many possibilities".
"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".
According to the statement, the app will target the Asian market initially, as eight out of the top ten countries using mobile payments can be found there.