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Thailandese bank to use Ripple rails for new instant payments app

Monday 30 March 2020 08:26 CET | News

Thailand’s Siam Commercial Bank (SCB) has been building a new app that uses Ripple’s payments technology to allow tourists to pay for goods and services without needing to convert currencies.

SCB is a long time Ripple partner and launched a Ripple-powered cross-border payments app called ‘SCB Easy’ back in January 2020. Now, the bank is once again tapping Ripple for a new app that allows tourists to use QR codes to pay for goods and services in Thailand.

SBC is using Ripple’s payment messaging system, which is designed to be a faster alternative to SWIFT. So far, the bank has not utilised Ripple’s cross-border payment solution, On-Demand Liquidity (ODL), which is based on the crypto asset XRP to move money across borders.
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Keywords: Thailand, Siam Commercial Bank, SCB, mobile app, Ripple, cross border payments, QR codes, payments
Categories: Banking & Fintech | Payments General
Countries: Thailand
This article is part of category

Banking & Fintech