PHNOM PENH: Cambodia and Vietnam have officially launched bilateral cross-border QR code payments, enabling the people of both countries to scan QR to make payments using their local currencies.
National Bank of Cambodia (NBC) Governor H.E. Mrs. Chea Serey and State Bank of Vietnam's Governor H.E. Mrs. Nguyen Thi Hong presided over the launching event held in Siem Reap province on Dec. 3.
This enables people of the two countries to make safe, secure, convenient, and affordable cross-border payments and also to promote the usage of their local currencies, according to an NBC news release.
“The launch of the cross-border QR payment system between Cambodia and Vietnam is also expected to benefit Cambodians and Vietnamese citizens, especially tourists and merchants,” the Cambodian central bank said.
Under the project, Cambodian travelers will be able to make payments in Vietnam in Riel via the Viet QR code, while Vietnamese customers can make payments in Cambodia in the Vietnamese Dong via the KHQR code.
KHQR is a universal quick response (QR) code system created for retail payments in Cambodia. It only requires a single QR to receive payment from any mobile app including the Bakong app.
NBC in 2022 launched the KHQR code payment service, aiming at promoting mobile retail payments in the country.
Besides Vietnam, Cambodia also makes bilateral cross-border QR code payment cooperation with its neighboring Thailand and Laos.