PHNOM PENH: The National Bank of Cambodia (NBC) and UnionPay International (UPI) yesterday have officially launched Phase II: Bakong Outward Cross-Border Payment, enabling users of Bakong app and local banks’ apps to scan and pay on Union Pay QR worldwide, including in China.
The launching ceremony was held on Mar. 10 in the presence of H.E. Dr. Chea Serey, NBC Governor, Mr. Larry Wang, UPI Chief Executive Officer, Mr. Ho Wei Wen, General Manager, Bank of China Credit Card International, and representatives from relevant parties.
In her keynote address, H.E. Dr. Chea Serey said that the launch made the completion of the integration between Bakong App and Union Pay.
Cambodian Bakong App users and those of local banks’ apps will be able to pay with KHR account by scanning QR code at UPI-accepting merchants in China and beyond while travelling abroad, she said, citing that users can also use their Bakong App to scan WeChat Pay in China.
“This development significantly enhances the digital payment experience for Cambodia citizens, making international transactions more seamless and convenient,” the NBC Governor said.
Mr. Larry Wang, Chief Executive Officer of the UnionPay International, said that it is an exciting development that brings real convenience to Cambodians travelling or shopping abroad.
“As cross-border travel continued to thrive, providing seamless, secure payment options is more important than ever. By integrating Bangkok with UnionPay’s network, we are ensuring that Cambodians can pay like locals, whether they are in China or anywhere else around the globe,” he said.
In 2023, both parties successfully launched Phase I, enabling inward cross-border payment, allowing UPI cardholders to utilise their UnionPay-enabled wallets, including the UnionPay app and various banking applications – to scan KHQR codes and complete payment transactions with merchants while visiting Cambodia.
“This integration will enhance cross-border payments by expanding the accessibility of digital payments, not just between Cambodia and China, but globally for those partnering with UPI to effortlessly conduct cross-border payments by scanning QR codes,” she added.
This initiative offers opportunities to maximise trade, streamline cross-border payments, and remittances, she continued.
H.E. Dr. Chea Serey briefed the audiences that NBC’s primary objectives, like other central banks around the globe, is to enhance the safety and efficiency of the payment system in stimulating economic development, through embracing technology to provide secured, efficient, and innovative payment infrastructure for the businesses and individuals to perform seamless transactions.
This initiative contributes to the Royal Government of Cambodia’s agenda to promote digital payments, which are essential for advancing financial inclusion across the country, she said.
To date, Cambodia has successfully launched cross-border payment projects with Thailand, Vietnam, Laos, UnionPay International, South Korea and Malaysia.
Furthermore, the NBC has recently introduced Bakong Tourist Apps, aimed at improving payment services in Cambodia and supporting the tourism industry by enabling digital payments for international visitors.