Cambodia’s Bakong App Expands to Facilitate International UnionPay Payments
The National Bank of Cambodia and UnionPay International have launched Phase 2 of their cross-border payment initiative. This allows Cambodian users to make international payments via the Bakong app by scanning UnionPay QR codes at merchants abroad, facilitating smoother transactions and supporting financial inclusion.
The National Bank of Cambodia (NBC) and UnionPay International (UPI) have inaugurated the second phase of their cross-border payment initiative, enabling Cambodian users to make payments abroad through UnionPay QR codes at UPI-partnered merchants. The launch was attended by representatives from the Chinese embassy, various financial institutions, and industry stakeholders, marking a significant step in enhancing international financial transactions.
This new initiative complements the first phase introduced in December 2023, which allowed UnionPay users to scan KHQR codes within Cambodia. The expanded capabilities enable Bakong app users and local bank applications to facilitate cross-border payments not only in China but across other countries within UPI’s network.
The project is anticipated to ease digital transactions for Cambodian travelers, coinciding with the “Cambodia-China Year of Tourism” while promoting financial inclusion and the use of local currency in international dealings.
Larry Wang, CEO of UnionPay International, expressed his satisfaction with the partnership, stating, “We are delighted to pioneer the integration of Bakong and UnionPay today, marking another historic milestone following the successful launch of Phase 1. The official launch of Phase 2 enables users of the Bakong app and local bank applications to conduct transactions in Mainland China and worldwide, thereby enhancing financial accessibility…”
H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, emphasized that this advancement allows Cambodian residents to scan QR codes at UPI merchants across borders, thereby enhancing the digital payment experience. This initiative aims to make international transactions for Cambodian citizens more seamless and convenient.
The Bakong app’s expansion represents a significant development in Cambodia’s digital payment landscape, facilitating easier transactions for users both locally and abroad. As international payment capabilities grow, so too does the financial accessibility for Cambodian citizens, further integrating them into the global economy.
In conclusion, the second phase of the cross-border payment initiative between the National Bank of Cambodia and UnionPay International marks a pivotal advancement for Cambodian users. With the ability to make payments internationally via the Bakong app, this development is anticipated to enhance the travel experience for Cambodians, promote financial inclusion, and support the use of local currency in global transactions, thereby furthering Cambodia’s digital payment ecosystem.
Original Source: fintechnews.sg
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