The Siam Commercial Bank of Thailand (SCB) says it is building a new app that uses payment technology from Ripple to allow tourists to pay for goods and services without the need to currencies exchange.
The oldest bank in Thailand is a longtime Ripple partner and back in January launched a Ripple-powered cross-border payments app called “SCB Easy.”
Now, SCB says it’s tapping Ripple again for a new app that lets tourists seamlessly pay for goods and services in Thailand using QR codes.
SCB senior commercial banking vice president Arthit Sriumporn says the new QR-based app could transform how people settle payments when they travel abroad.
“Tourists simply scan the QR code to pay for something instantly without dealing with exchange rates or having to carry around large amounts of local currency. It’s something new in the market that will change the tourism landscape and make lives better.”
SBC uses the payment messaging system from Ripple which is designed to be a quicker alternative to Swift. Until now, the bank has not used the cross-border payment solution for Ripple, On-Demand Liquidity (ODL), which uses the crypto asset XRP to move money across borders.
Cryptolydian reported last week that, a remittance platform based in Bangkok has become the first non-banking institution in Thailand to use blockchain tech from Ripple for processing international payments.
Ripple said in a press release DeeMoney is now using RippleNet in a move to process transactions aimed at cutting costs.
DeeMoney CEO Aswin Phlaphongphanich said:
“Ripple’s technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers.”