Major Thai banking giant, Siam Commercial Bank (SCB) has teamed up with Ripple, for a payments app. The bank is giving its customers the option to use the Ripple-powered app as a new way to handle remittances.
The new feature is called the Outward Remittance Service and is available on the bank’s SCB Easy App. In a recent announcement, Ripple says the app is fast and will easily handle international transactions for SCB’s 16 million customers. The app will, however, not use XRP.
SCB’s SVP of Commercial Banking Arthit Sriumporn, says that the new feature erases the need to visit a bank in person to fill out long and complicated forms before remittances are processed. Sriumporn also says that the bank is working with Ripple for a service that would be fantastic for travelers.
“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.”
SCB hopes to expand the feature to other countries including France, Italy, Germany, the USA, Singapore, Austria, Netherlands, Portugal, Belgium, and Ireland. The plan is also for the app to support multiple currencies including GBP, SGD, USD, and EUR.
Last year, SCB performed a successful blockchain-based test for cross-border business-to-business payments.
Image Credits: Pixabay
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