Ant International, ITMX, and Krungthai Bank unlock Thailand-China payments

A quiet revolution is underway in Southeast Asia’s digital economy, and it centers on a simple black-and-white square: the QR code. The recent collaboration between Ant International, National ITMX (NITMX), and Krungthai Bank marks a pivotal moment, forging a direct, seamless payment bridge between China’s massive outbound tourism market and Thailand’s deeply-rooted national payment system, PromptPay. This partnership is more than a technical integration; it is a blueprint for regional financial inclusion and economic stimulus.

The brilliance of this initiative, guided by the Bank of Thailand, lies in its simplicity and leverage of existing infrastructure.

• The Bridge (NITMX/PromptPay): At the heart of the system is PromptPay, Thailand’s highly successful national payment infrastructure, operated by NITMX. PromptPay has been a game-changer for Thailand, supporting transactions across multiple channels and helping to accelerate the country’s move towards a cashless society. Its widespread acceptance network, which includes millions of merchants, provides the necessary reach.
• The Gateway (Ant International/Alipay): Ant International, through its Alipay+ ecosystem, provides the access point for Chinese consumers. Chinese travelers can now use their familiar Alipay mobile wallet to scan the Thai PromptPay QR codes displayed by local merchants. This eliminates the need for merchants to adopt new hardware or for tourists to carry foreign currency.
• The Anchor (Krungthai Bank): Krungthai Bank serves a critical function as the official settlement bank. This role ensures secure, reliable, and standardized cross-border fund transfers and settlement, guaranteeing that Thai merchants receive their funds efficiently.

The partnership’s most significant impact lies in its potential to democratize tourist spending. Historically, smaller enterprises, or SMEs (Small and Medium-sized Enterprises), have faced hurdles in accepting international payments due to the cost and complexity of setting up card terminals or adopting specialized payment apps.

This collaboration is poised to democratize tourist spending in Thailand. By linking Alipay directly to the ubiquitous PromptPay QR code, the existing acceptance network—already adopted by millions of Thai merchants for domestic payments—instantly transforms into a global gateway. This effectively lowers the barrier for entry, immediately creating new business opportunities for merchants of all sizes, especially the smaller businesses and vendors in provincial cities who previously lacked the resources for international payment terminals. By facilitating an easy, secure, and familiar digital payment experience for Chinese tourists, a crucial segment of Thailand’s inbound market, the initiative directly stimulates local commerce and boosts local economies. Ultimately, this seamless experience, which mirrors the high-convenience payment system travelers use at home, is expected to enhance the overall traveler experience and promote continuous, sustainable growth in Thailand’s vital tourism sector.

This China-Thailand connection is not an isolated event; rather, it solidifies Thailand’s position as a regional leader in payment connectivity. NITMX and the Bank of Thailand have been at the forefront of the ASEAN Payment Connectivity initiative, successfully linking PromptPay with the national QR systems of:

• Singapore (PayNow)
• Malaysia (DuitNow)
• Indonesia
• Vietnam (VietQR)
• Cambodia (KHQR)
• Japan (for Thai tourists)

The integration with Ant International and Alipay—the dominant payment method for Chinese tourists—extends this regional reach to the world’s largest source of tourism spending. It is a strategic move that integrates the domestic power of PromptPay with the international marketing and consumer engagement capabilities of the Alipay+ ecosystem.

The collaboration between Ant International, NITMX, and Krungthai Bank represents a major step forward for cross-border fintech. By leveraging the standardization of the QR code and the strength of the national payment infrastructure, they have not only streamlined transactions but also built a powerful mechanism for stimulating economic growth and expanding financial inclusion across one of Asia’s most vital tourism corridors.