Alipay and Kasikornbank – one of Thailand’s largest financial institutions – inked a deal to encourage QR code adoption by allowing Thai merchants to accept payments from Chinese tourists using the system.
Thai publication The Nation revealed the arrangement, which is designed to both expand the reach of Alipay in the country, and make Kasikornbank’s QR code system more appealing to retailers by increasing their potential customer bases.
In a press conference to promote the partnership, Kasikornbank said it was the first bank in the country to support QR codes through its app. It now aims to expand the reach of the recently-launched service to 200,000 shops across Thailand.
QR codes are central to Alipay’s system across its major markets and are extremely popular in China, with both Alipay and rival WeChat Pay using it as their base payment method.
The deal is the latest move from the Chinese company to widen the use of the payment method outside of its home market. Although its international presence is primarily targeted at attracting Chinese tourists and business travelers, it has now built a significant retail footprint across the world.