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Singapore and Thailand are discussing connecting their national digital payment systems to modernize the payment process for citizens. Discussions are still at a preliminary stage, but would potentially enable faster and more efficient cross-border financial services within Asean.
For now, cash remains the dominant mode of payment in much of the region. Some 57 percent of 4,000 consumers in seven Asian markets said they rely on notes and coins, a PayPal Holdings Inc. survey shows. In contrast, digital transactions are prevalent in much of Europe. The Bank of Thailand oversaw the January roll out of the PromptPay service by the nation’s banks. It now has 24 million registrations via national identity cards, equivalent to about a third of the Thai population, Naphongthawat said.
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