Bangkok: The Bank of Thailand (BOT) has announced a new initiative to facilitate e-money payments for foreign tourists through the use of Thai QR codes, aiming to support the tourism industry and expand opportunities for small merchants who do not currently accept credit cards.
According to Thai News Agency, Mr. Napongthawat Potikit, Senior Director of the Payment Systems Policy and Financial Technology Department at BOT, revealed that the bank has collaborated with e-money service providers to set standards for tourist wallet services. These e-money services are designed for international tourists to pay for goods and services in Thailand, ensuring a unified system across providers with risk mitigation and user protection measures in place.
The newly established standards include a secure account opening process where foreign tourists can download an application and set up an e-money account under BOT supervision. This process requires strict identification and verification, adhering to e-Money business guidelines, utilizing NFC Passport technology, and biometric systems for identity confirmation.
Tourists will have multiple options to top-up their Tourist Wallets, including cash deposits at service provider counters, linking debit or credit cards, or transferring funds from overseas bank accounts. The availability of these channels depends on the specific service provider's model.
Once set up, tourists can make payments by scanning the Thai QR code at general merchants, who will receive payments in Thai baht. To prevent misuse, there are monthly spending limits and restrictions on transactions with high-risk merchants, in accordance with AMLO guidelines. Cash withdrawals are only allowed if the account is closed, with additional identity verifications required periodically.
In a related development, the Securities and Exchange Commission (SEC) is gathering feedback on a sandbox project that aims to allow digital asset operators to help foreign tourists exchange digital assets for baht, which can then be added to their Tourist Wallet. However, digital assets will not be used for direct payment of goods or services.
BOT anticipates that the Tourist Wallet service will significantly benefit the tourism sector and local businesses by enabling easy payment options for tourists, especially those from countries lacking cross-border QR payment links. This initiative will also enhance convenience for Thai merchants, particularly those that do not accept credit cards, by offering a straightforward payment option for foreign visitors.