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- Thailand’s Siam Commercial Bank (SCB) announces that it is building a new app that will use Ripple’s payment technology to offer tourists to pay for goods and services without converting it to currencies.
- The senior vice president of commercial banking Arthit Sriumporn stated that the new QR based app will transform people to settle their payments while traveling abroad.
- So far, the bank has not operated the cross-border payment solution of Ripple, the On-Demand Liquidity (ODL), that uses the XRP, crypto assets to transfer money across borders.
Thailand’s Siam Commercial Bank (SCB) announces that it is building a new app that will use Ripple’s payment technology to offer tourists to pay for goods and services without converting it to currencies.
SCB is a longtime partner of Ripple
SCB is a longtime partner of Ripple and back in January, it launched an app called ‘SCB Easy”, a ripple-powered cross-border payments app. Now, again SCB is joining hands with Ripple for a new application that permits tourists to use QR codes to pay for goods and services in Thailand without a glitch.
The senior vice president of commercial banking Arthit Sriumporn stated that the new QR based app will transform people to settle their payments while traveling abroad. This is something exclusive in the market and will change the tourism platform and make lives better.
However, SCB is using Ripple’s payment messaging system, which is built to be a faster choice to Swift. So far, the bank has not operated the cross-border payment solution of Ripple, the On-Demand Liquidity (ODL), that uses the XRP, crypto assets to transfer money across borders.
Thailand has a huge mass of migrants working from neighboring countries
Thailand has around 4.9 million migrants working from the neighboring Asian countries including Cambodia, Myanmar, Vietnam, Laos, and others. The total remittances of this area are very close to $68 billion. To gain from this huge amount, the bank is using RippleNet to connect to banking partners worldwide.
In the same way, Ripple had announced the three companies namely, South Korea-based fintech startups,- Hanpass, Sentbe, and WireBarley have joined the RippleNet on February 26, 2020, to offer their customers access secure and cost-effective remittances.
