General

NBC, UnionPay International Officially Launch Cross-Border QR Code Payment

The National Bank of Cambodia (NBC) and UnionPay International have launched official Cross-Border QR Code Payment allowing people to make payment via scanning KHQR codes in Cambodia and UnionPay QR code accepting merchants in China and globally.

Th…

The National Bank of Cambodia (NBC) and UnionPay International have launched official Cross-Border QR Code Payment allowing people to make payment via scanning KHQR codes in Cambodia and UnionPay QR code accepting merchants in China and globally. The official launching ceremony was virtually held on Dec. 22 under the presidency of H.E. Mrs. Chea Serey, NBC Governor, H.E. Wang Wentian, Ambassador of the People's Republic of China to the Kingdom of Cambodia, H.E. Top Sopheak, Secretary of State and Spokesperson of the Ministry of Tourism, and relevant officials. From today onwards, visiting UnionPay cardholders will be able to use their UnionPay-enabled wallets, such as the UnionPay app and commercial bank apps that are enabled for UnionPay QR Code payment, to scan KHQR codes to complete payment transactions at approximately 1.8 million merchants in Cambodia, H.E. Chea Serey said. Additionally, by early 2024, Cambodian residents will be enabled to use their Bakong wallet to make payments at UnionPay QR code accepting merchants in China and globally, thereby optimising the mobile payment experience during international travels, she said. 'The introduction of cross-border QR code payments between the National Bank of Cambodia's Bakong and UnionPay International will elevate the level of financial cooperation between both institutions by leveraging the technology to benefit users in both countries, and globally,' NBC governor said. 'This collaboration will substantially contribute to the promotion of trade, tourism activities and financial inclusion in Cambodia,' she underlined. On July 10, 2023, both parties signed a Memorandum of Understanding, agreeing to jointly promote cross-border QR code interoperability between their networks. As a facilitator, it has enabled cross-border payment linkages, and is currently undertaking cross-border payment projects with partner and regional countries. At present, the National Bank of Cambodia has successfully launched cross-border QR code payments with Thailand, Lao PDR, and Vietnam. Promoting safety and efficiency in innovative products and services is a main objective of the NBC to support the financial inclusion agenda of the Royal Government of Cambodia and further encourage digital payments. To this end, the NBC is committed to further enhancing the safety, security, and convenience of cross-border payments. As a regulator and overseer, the NBC has formulated regulations, policy frameworks, and rules and procedures to manage, supervise and support payment systems. Source: Agence Kampuchea Presse