FPS makes inroads into Thailand

Wallis Wang

Hongkongers can use the Faster Payment System when visiting Thailand from early next month, Hong Kong Monetary Authority chief executive Eddie Yue Wai-man has revealed.

Speaking at a 2023 Hong Kong FinTech Week event yesterday, Yue said the FPS will be linked to Thailand's payment platform PromptPay on December 4.

Members of the tourism sector said the arrangement may not have a huge impact as people can also use credit cards for overseas consumption.

Hong Kong travelers using FPS will be able to make payments by scanning a QR code at over eight million Thailand merchants that accept PromptPay.

"People can pay the bill by simply scanning a QR code and the exchange of currencies will be conducted immediately," Yue said. "So travelers no longer have to exchange for Thai baht before heading to the country or using other more expensive payment methods."

Vice versa, Thai travelers visiting the SAR can use PromptPay to pay at around 50,000 Hong Kong merchants that accept FPS.

The exchange of currencies should be quick, and the exchange rate should be competitive to benefit general FPS users instead of deterring them with an expensive exchange rate, Yue said.

And FPS has 12 million users while PromptPay is also commonly used in Thailand, so both payment platforms can handle a large number of users even during peak tourism seasons.

A Hongkonger who travels frequently to Thailand, Matthew, told The Standard the new connection may not be very helpful as most Thai merchants use another mobile payment app - Line Pay.

"Most restaurants and bars use Line Pay as an e-payment method, and I noticed only some 7-Eleven stores accept PromptPay," he said.

Still, he said, the new arrangement will benefit Hongkongers visiting the country who use FPS.

Matthew also said he hopes FPS services can be expanded to other popular tourism destinations, including Japan and Taiwan.

Yuen Chun-ning, executive director of local major travel agency WWPKG, said the use of FPS in Thailand will not have a huge impact on travelers.

"Tourists consider various factors when choosing a tourism destination, including the overall cost, price of flight tickets and local security situation, and payment method is not one of the most important factors," Yuen said.

"The use of FPS is a positive change, but it will not be a major incentive to attract tourists to Thailand," he said, noting that Thailand is already one of the most popular destinations among Hongkongers.

Yuen also said tourists have been using credit cards for payment overseas, and the exchange rate is not very pricey. It is also an easy payment method that spares travelers from carrying cash.

This was echoed by Hong Kong Tourism Association executive director Timothy Chui Ting-pong, who said the use of FPS will not have a huge impact on the number of SAR travelers going to Thailand.

But the arrangement will mean convenience for Hongkongers as they no longer have to get Thai baht.

The tourism sector hopes FPS can also be used in the mainland to benefit Hong Kong visitors, Chui said, though it already has the Alipay and WeChat e-payment methods.

More than 220,000 Hong Kong visitors traveled to Thailand in the first four months of the year.

The Tourism Authority of Thailand's Hong Kong Office expects the number of SAR travelers to the country this year will reach 700,000 - 70 percent of the prepandemic level of one million a year.

wallis.wang@singtaonewscorp.com

More stories: Page 7