In a significant move towards enhancing cross-border payment solutions, Kasikornbank has joined forces with StraitsX and Avalanche to pilot a real-time payment system between Thailand and Singapore. The source notes that this initiative aims to streamline transactions for Thai tourists visiting Singapore, making their payment experience more efficient.
Collaboration Overview
The collaboration enables Thai tourists to utilize Q Wallet for payments in Singapore, where their funds are converted into the XSGD stablecoin.
Benefits of Conversion
This conversion facilitates instant settlement, allowing for seamless transactions without the usual delays associated with traditional banking methods.
Impact on Travelers
The pilot project is expected to improve convenience for travelers and promote the adoption of digital currencies in everyday transactions across borders.
Recently, Digitap launched an innovative mobile banking app that integrates traditional banking with cryptocurrency features, aiming to reduce transfer costs. This development contrasts with Kasikornbank's recent collaboration for cross-border payments. For more details, see Digitap's app.
