The National Bank of Cambodia (NBC) and UnionPay International Co., Ltd. have entered into a partnership on "Cross-Border QR Code Payment Cooperation" to promote innovation and financial technology on the use of banking and financial services.
The Memorandum of Understanding on "Cross-Border QR Code Payment Cooperation" was signed here on July 10 under the presidency of H.E. Dr. Chea Serey, NBC Deputy Governor.
“This MoU aims to promote efficient and secure cross-border QR Code payment transactions through KHQR between Bakong's network and UnionPay International's global QR Code acceptance network,” read a press release.
“This initiative will allow visiting UPI cardholders to scan KHQR Code of Cambodian merchants, that is connected to a Khmer Riel bank account and make payments, which will further promote the use of local currency,” it added.
Under the MoU, Bakong users with Khmer Riel bank accounts will also be able to use local wallets and apps at UnionPay QR Code accepting merchants in China and globally, which will make a significant contribution to promoting more convenient and affordable tourism and business activities.
The number of accounts with the Bakong system, a blockchain-based inter-bank mobile payment platform, has topped the 8.5 million mark as of February of this year.
Source: Agence Kampuchea Presse