Retail

Chinese visitors can now make QR payment to Cambodian merchants

26 Dec '23

2 min read

Pic: Adobe Stock

Insights

The National Bank of Cambodia (NBC) and UnionPay International launched a cross-border QR code payment system, enabling UnionPay cardholders to make payments in Cambodia.
By early 2024, Cambodians can use Bakong wallets for global payments.
This initiative marks a significant advancement in digital payments and financial inclusion in Cambodia.

The National Bank of Cambodia (NBC), in collaboration with UnionPay International (UPI), has launched a groundbreaking cross-border QR code payment system. This innovative platform was officially unveiled recently in a virtual ceremony attended by prominent figures including Chea Serey, Governor of the National Bank of Cambodia, and Wang Wentian, the Chinese Ambassador to Cambodia.

The new payment system enables UnionPay cardholders to utilise their UnionPay-enabled wallets, like the UnionPay app and other commercial bank apps that support UnionPay QR Code payment, to scan KHQR codes. This facilitates seamless transactions at approximately 1.8 million merchants across Cambodia. Serey highlighted that this system significantly enhances the convenience and efficiency of payments for international travellers in Cambodia.

Looking ahead to early 2024, Cambodian residents will gain the ability to use their Bakong wallets for making payments at UnionPay QR code-accepting merchants not only in China but also globally. This advancement is expected to optimise the mobile payment experience for Cambodians travelling internationally.

The collaboration between NBC and UPI is seen as a significant step in elevating financial cooperation between the two institutions. It leverages technology to benefit users in both countries and globally, contributing to trade promotion, tourism, and financial inclusion in Cambodia. The initiative is part of a broader effort by NBC to enable cross-border payment linkages, with successful QR code payment projects already launched with Thailand, Laos, and Vietnam.

Emphasising the role of this joint effort in catering to travellers from China and other global markets, Cai Jianbo, president of China UnionPay and chairman of UnionPay International, said that the initiative is expected to contribute to the resurgence of international travel and foster economic development in Cambodia. He also mentioned UnionPay's active engagement in QR code interoperability across ASEAN countries.

Cambodia-China bilateral trade crossed $10 billion in the first ten months of 2023, growing at over 4.5 per cent year-on-year, according to Cambodia’s General Department of Customs and Excise (GDCE). While Cambodia’s exports to China rose 19.3 per cent y-o-y to $1.18 billion during the period, its imports grew at 2.9 per cent to $8.89 billion.

Fibre2Fashion News Desk (RKS)

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