Kasikornbank introduces QR and barcode payment scheme

It will provide merchants with a one-stop app to various QR and barcode mobile payment providers.

Thailand’s Kasikornbank has partnered with Japanese payments firm JCB Co. to introduce Smart Code, a QR and barcode payment scheme, the bank announced in a press release.

This will enable more than 11 million users of K PLUS, the mobile banking app of KASIKORNBANK, to shop at Smart Code merchants in Japan, the release said

Smart Code will provide merchants with a one-stop solution to various QR and barcode mobile payment providers. It reportedly allows merchants to unify the agreements, terminal devices and settlements with each mobile payment service providers. Mobile payment service providers can also receive benefits from avoiding contracts and system development with each merchant.

Thai travelers visiting Japan surpassed 1 million in 2018 for the first time, which will increase in the future as well. With Smart Code adopted by KASIKORNBANK, it is expected that this will improve convenience for Thai travelers to Japan.

Furthermore, JCB and KBANK will cooperate to establish the framework and system for all of banks and financial institutions in Thailand to join Smart Code scheme in 2020 with the cooperation of Central Bank of Thailand. With this scheme, even more Thai tourists are expected to use Smart Code.