Writer : Editor Team
Despite of its popularity for the past few years, QR Code has been existing for quite a long time. China has used QR Code for e-Payment to facilitate almost every kind of purchases, from buying goods to tipping or giving hongbaos. Many countries have followed suit, including Thailand. After the Bank of Thailand declared that the QR Code payment is one of the standard payment methods, it seemed that Thailand would go cashless in no time.
Recently, the Bank of Thailand has partnered with 5 global credit card brands, namely American Express, JCB, Mastercard, UnionPay, and VISA, along with Thai banking institutions to implement the QR Code as an e-Payment method.
This is considered the first time in the world that 5 global financial brands have joined hands together to create a new standardized payment method. This standardized QR Code will reduce complications and will help further the development of the e-Payment system so that this kind of system can be accessible by the larger public.
Using QR Code as an e-Payment method has several benefits. Firstly, it is a standardized method that can be used across the world. A shop with one QR Code can receive payments from various channels. Secondly, it is a convenient and low-cost method that is more efficient in terms of the accounting process. Thirdly, The payment is safer because the credit card information is not revealed during transactions. Fourthly, it helps create a database that can be beneficial to further financial innovations and services, including the loaning service. Banking institutions in many countries have started the information-based lending system instead of of the permanent-asset based system. This also facilitates the SME lending system.