Ripple and Siam Commercial Bank (SCB) are working together to offer the facility for its users to send and receive payments through QR codes.
They announced on Wednesday that our QR systems will help out the SCB in micro-payments and offers its users with remittance facilities.
The Senior Vice President of SCB, Arthit Sriumporn, said:
Imagine you are a tourist coming to Thailand, and you can use your home country mobile application to scan for payment and eliminate the need to exchange for local currency. You can use your mobile app, scan the QR payment and receive goods right away.
However, the Thailand-based bank is already working with the Liquid Group, the Singapore-based company, to offer its users the services of QR codes. But the agreement with the Ripple seems to be special as it is based on Blockchain, the most advanced technology of the time.
Both are working on Blockchain-power Application
Ripple has recently partnered with Siam Commercial Bank (SCB) for blockchain application. The purpose of the partnership is to make the process of cross-border payments easy, fast and low-cost.
The post by Ripple on Jan.8 revealed that the application that is devised by the collaboration of both companies is set to be staged for demo in Swell, the annual customer event. The app is called SCB Easy powered by blockchain that will execute transactions in seconds.
Arthit Sriumporn, announced while introducing the application:
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.
According to Sriumporn, the transaction of the sender to the receiver’s account will take only 40 seconds. SCB has also a plan to expand the services to Laos, Myanmar, Cambodia, and Vietnam in collaboration with Ripple.