Ripple Payment System

Ripple organizes fast payments system in Thailand
CONTENT

  • Thailand Launches Efficient Electronic Payment System

  • Ripple to create app for Thailand to pay for goods via QR code

  • You can now pay for services and goods without currency conversion

International consortium of news organizations, developing transparency standards.

Ripple Corporation and Siam Commercial Bank signed an agreement to create an efficient electronic payment system in Thailand. According to Global Digital Report 2019, the country ranks first in terms of the number of mobile banking users, second in the number of cryptocurrency owners and third in mobile commerce..

Thailand is a promising region for the development of electronic payments, as more than 4.9 million labor migrants from Cambodia, Laos, Myanmar, Vietnam and other countries of Southeast Asia work here.

Ripple organizes fast payments system in Thailand

The annual volume of electronic payments to these countries from Thailand exceeds $ 68 billion, while the country is one of the most popular tourist destinations.

Ripple organizes fast payments system in Thailand

In 2019 alone, over 1.5 million Russians visited Thailand. The lack of an effective electronic payment system brought certain inconveniences to tourists and those who are working. For example, when paying for goods with a card, the banks of the country charged a fee for currency conversion, and these are additional expenses. Therefore, it was decided to create a new effective payment system that would allow customers to quickly, conveniently, and, most importantly, economically send money to relatives abroad or pay for purchases with foreign cards without conversion..

The Siam Commercial Bank (SCB) of Thailand is a major provider of financial services and has been operating in the country for over 100 years. Today the bank supports a wide range of clients from retail to small and medium-sized enterprises (SMEs) and corporations and is constantly improving the procedure for providing services. Therefore, SCB representatives turned to Ripple to develop a special payment application that would work on the blockchain and allow customers to make electronic payments quickly, transparently and profitably..

Ripple organizes fast payments system in Thailand

After all, many users complained that to send money home they need to visit a bank branch, and this is not always convenient and affordable..

Artit Sriumporn, SCB’s art manager for commercial banks, said the company has developed and launched the SCB Easy application, which runs on the Ripple blockchain and allows you to send money from a mobile phone. The bank used RippleNet to connect with other partners around the world, which helped open up more corridors for quick and easy customer service.

Also, this application will allow tourists to pay for goods and services without currency conversion. The next step is to create a new blockchain application that allows tourists to use QR codes to pay for goods and services in Thailand without any problems..

Ripple organizes fast payments system in Thailand

Ripple will also help SCB in this. Tourists just need to scan the QR code to instantly pay for a product or service. At the same time, the application does not take into account the difference in exchange rates.

Overall, Siam Commercial Bank continues to develop a global payment system for customer convenience.

 

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