Delegates of Cambodia and Thailand at the Cross-Border QR Payment Phase II launching ceremony (Photo:cpp.org.kh) Hanoi (VNA) - Cambodia and Thailand on June 6launched the second phase of cross-border QR code payments, which will allowThai nationals to shop in Cambodia using the Thai currency of baht and vice versa.
According to the National Bank of Cambodia (NBC)’s pressstatement, Chea Chanto, Governor of the NBC and Sethaput Suthiwartnarueput, Governorof the Bank of Thailand, presided over the launching event in Phnom Penh.
The launch of cross-border QRcode payment system aims to promote the usage of local currencies andfinancial inclusion, facilitate cross border trade activities, and boosttourism in both countries.
As the first phase of this project, launched in 2020,allowed Cambodians to be able to pay for goods or services through mobilebanking application by scanning QR code at retail merchants in Thailand, andvice versa on the second phase starting on June 6, the statement noted.
The two neighboring countries' central banks have workedtogether since 2018 to develop a QR code payment app in order to allow peopleto shop in each other's countries using the currency of their own country.
With the app, Cambodians will be able to use riel topurchase goods in Thailand, while Thais travelling in Cambodia will be able topay in baht. The users of the QR code payment system will be required to have abank account in their local currency.
Cambodia's official figures showthat there are currently more than 1 million Cambodian migrant workers inThailand, and that more than 424,000 Thais visited Cambodia in the first threemonths of 2023./.
