In a significant move to enhance the experience of Thai travelers abroad, Dr. Phiphat Phongsa, the managing director of Kasikorn Thai Bank, recently announced a series of initiatives aimed at bolstering the bank's digital payment ecosystem. The Thai market for foreign tourism is expected to thrive, with projections indicating that 8.9 million Thai tourists will travel overseas in 2025, maintaining levels similar to those of 2024.
Kasikorn Thai Bank is keen to tap into this growing market by offering seamless digital payment options. The bank has been focusing on developing a robust and secure ecosystem for international digital payments, which is crucial for creating a hassle-free experience for Thai customers traveling abroad. A key component of this initiative is the Cross Border QR Payment system, which has gained popularity in Japan, one of the top destinations for Thai tourists.
Dr. Phiphat highlighted that the collaboration with strong partners such as Alipay+ and UnionPay QR has enabled the bank to connect its payment systems to over 3 million stores across Japan. This extensive network allows customers to conveniently make payments using the K+ Go Inter feature in the K PLUS app. Notably, customers can benefit from favorable exchange rates, as there are no additional fees for transactions, making it an attractive option for tourists.
"Starting from April 1, 2025, customers traveling to Japan will be able to utilize these services, which include the ability to scan and pay easily through Wi-Fi connections," Dr. Phiphat stated. This move is expected to significantly enhance the spending experience for Thai tourists abroad, particularly in Japan, where QR payments are becoming increasingly common.
In addition to Japan, Kasikorn Thai Bank has also expanded its QR payment capabilities to China, where more than 250 million stores accept payments via UnionPay QR and Weixin Pay. The bank reported that in 2024, China saw the highest usage of QR payment services among Thai tourists, followed closely by Malaysia, which has over 2.5 million stores accepting Alipay+ payments.
Looking ahead, Dr. Phiphat projected that the volume of transactions conducted via QR Payment overseas is expected to grow ninefold compared to 2024. This growth is part of the bank's broader strategy to enhance its digital payment ecosystem internationally.
Moreover, Kasikorn Thai Bank has taken on the role of Settlement Bank for cross-border QR Payment transactions with Laos, aligning with the Nation e-Payment plan initiated by the Bank of Thailand. This initiative aims to facilitate faster and more efficient cross-border payments within ASEAN and the broader Asian region, allowing customers to easily scan and pay in Laos through K+ Go Inter.
As part of its marketing strategy, the bank has also partnered with popular retail brands in Japan to offer special promotions for customers. For instance, shoppers at TAKEYA can enjoy a two-tier discount when using K PLUS to scan payments. The first promotion offers a discount of up to 9% on purchases of 30,000 yen or more, while the second promotion grants an instant discount of 1,000 yen on transactions of 5,500 yen or more. These promotions are available from April 1 to May 15, 2025, and are designed to attract more Thai tourists to utilize the bank's services while shopping abroad.
Customers interested in these offerings can find more details on the bank's official website.
In a related context, Japanese Trade Minister Shigero Ishiba recently issued a warning regarding the potential impact of U.S. trade policies on global economic stability. He emphasized the need for Japan to maintain a cooperative stance with the United States amidst rising tensions in trade relations.
During a parliamentary session, Ishiba expressed concerns about the trade barriers that could arise under the administration of former President Donald Trump, suggesting that Japan might face challenges similar to those experienced during Trump's previous term. He underscored the importance of understanding the underlying arguments and emotions behind Trump's trade policies.
"We must prepare to address any potential economic or trade-related challenges that may arise," Ishiba stated, acknowledging that the government currently has no plans for a special budget to counteract the effects of U.S. tariffs.
As the two nations prepare for upcoming bilateral trade negotiations, Ishiba highlighted the necessity of discussing a range of issues, including tariffs, non-tariff trade barriers, and currency exchange rates. The implications of U.S. tariffs on goods such as smartphones, computers, and semiconductors remain a pressing concern for Japan.
These developments reflect the intricate relationship between trade policies and economic stability, underscoring the importance of collaboration and understanding between nations. As Japanese leaders navigate these challenges, the focus will remain on fostering strong trade relations while mitigating the potential impact of external pressures.
