Cross-Border Payments App Launched on Ripple by Thai Bank SCB
Siam Commercial Bank (SCB), Thailand oldest bank, and Ripple, have partnered together to create a mobile application that will facilitate cross-border payments instantly. In addition, SCB have announced plans on adding to the platform micro-payment facilities.
The announcement was made on Wednesday, and included that the banks SCB Easy mobile application will operate using the blockchain company’s technology. Speaking on the new platform during its launch, Senior Vice President of the firm, Arthit Sriumporn, stated: “It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received—with no transparency. With our service, their loved ones from abroad can transfer payment and receive money immediately.”
Sriumporn also took the opportunity to demonstrate the platform live to show that the transferring of funds is carried out in under a minute. The Southeast Asia market is one of the strongest when it comes to mobile payments and in Thailand, it is estimated that close to 70% of its population use one form or another for mobile payments.
SCB is planning on expanding its presence in the region and launched its mobile application to coincide it beginning operations in Vietnam, Cambodia, Myanmar and Laos, all of which are neighbours to Thailand.
Adapting to each regions needs
In the meantime, SCB and Ripple are working towards developing features that are QR code-based for the application. The announcement on Wednesday also address the issue of micro-payments services. It stated: “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. You can use your mobile app, scan the QR payment and receive goods right away,” Sriumporn added.
While there are controversies being faced by Ripple in relation to its digital currency, the company’s network continues to grow with the addition of new financial institutions and banks. That saw the company closing a deal with Finastra, UK-based bank that will allow its customers to internationally send funds using the brands decentralized technology.
