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Vietnam, Cambodia launch cross-border QR payment link

Vietnam and Cambodia have officially launched a bilateral cross-border QR payment link, allowing their peoples to scan QR codes to make payments in each other’s country using their local currency.
Vietnam, Cambodia launch cross-border QR payment link ảnh 1Governor of the State Bank of Vietnam Nguyen Thi Hong and Governor of the National Bank of Cambodia Chea Serey at the launching ceremony of the Vietnam-Cambodia cross-border QR payment link (Photo: NBC)
Phnom Penh (VNA) – Vietnam and Cambodia haveofficially launched a bilateral cross-border QR payment link, allowing their peoples to scan QR codes to make payments in each other’s countryusing their local currency.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hongand Governor of the National Bank of Cambodia (NBC) Chea Serey chaired thelaunching ceremony in Cambodia’s Siem Reap province on December 3.

A press release from the NBC said that the new paymentsystem aims to facilitate safe, convenient, secure, and affordable cross-borderpayments, promoting the use of local currencies. 

It is expected to particularly benefit Cambodian andVietnamese citizens, especially tourists and merchants, stated the pressrelease.

It said that the effort follows a memorandum ofunderstanding inked by the two central banks on November 8, 2022. Afterthe signing, technical working groups from both sides met to discuss themodality of the linkage, agreeing to utilise a sponsorship model for theproject. 

Vietnam, Cambodia launch cross-border QR payment link ảnh 2Illustrative image (Source: Internet)
The cross-border QR payment system enables customers and thepublic to purchase goods and make payments in Khmer riel (KHR) in Vietnam, whileallowing Vietnamese to use Vietnamese dong in Cambodia by scanning KHQR codesprovided by approximately 1.8 million Cambodian merchants.

KHQR is a popular quick response (QR) code system created forretail payments in Cambodia. In 2022, the NBC launched the KHQR code paymentservice, aimed at promoting retail payments using mobile phones in Cambodia.

Along with Vietnam, Cambodia has also set up bilateralcross-border QR payment links with Thailand and Laos./.
VNA
#cross-border QR payment link #Cambodia #State Bank of Vietnam (SBV) #KHQR code #Vietnam #Vietnam news #Vietnam News Agency
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