Thai Bank Launches App For Instant Cross-Border Payments Powered By Ripple

Thailand's oldest bank Siam Commercial Bank has partnered with Ripple to create a mobile application powered by blockchain to deliver instant, low-cost cross-border payments.

Per a Jan. 8 blog post from Ripple, the app - known as SCB Easy - was demoed in December during Ripple's annual customer event, Swell.

The demo reportedly demonstrated its ability to send cross-border payments in seconds.

"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."

Following this, Sriumporn showed the app in action, sending a payment to a recipient's bank account within 40 seconds.

SCB is also working with Ripple to offer cross-border EMVCo QR payments.

QR payments are popular throughout Asia, and leveraging this capability will allow SCB to offer customers micro-payment services in addition to remittances.

A recent survey conducted by PwC shows that 86% of China's population use mobile payments apps, with 67% of that population being in Thailand.

As tourism and overseas workforces continue to grow throughout the region, there is a need for faster, more cost-effective ways to receive payments.

SCB is planning to expand its services to Cambodia, Laos, Myanmar and Vietnam - collectively known as the CLMV countries.