The National Bank of Cambodia and UnionPay International have launched the second phase of their cross-border payment initiative, enabling payments abroad with UnionPay QR codes. This initiative enhances digital transactions for Cambodian users traveling internationally and promotes the use of local currency. Key representatives attended the event, highlighting its significance in the financial ecosystem.

The National Bank of Cambodia (NBC) and UnionPay International (UPI) have launched the second stage of their cross-border payment initiative. This allows Cambodian users to make payments abroad via UnionPay QR codes at UPI-accepting merchants. The event on March 10 was attended by representatives from the Chinese embassy and various financial institutions.

This initiative follows the first phase introduced in December 2023, which enabled UnionPay users to scan KHQR codes in Cambodia. The new phase permits users of the Bakong app and other local bank applications to perform cross-border payments within China and in other countries utilizing UPI’s network, facilitating digital transactions for Cambodian travelers.

This development aligns with the ongoing “Cambodia-China Year of Tourism” and seeks to promote financial inclusion by encouraging the use of local currency in international transactions. Larry Wang, CEO of UnionPay International, expressed enthusiasm at the launch, stating it marks a significant milestone in enhancing Cambodia’s digital payment infrastructure.

H.E. Dr. Chea Serey, Governor of NBC, highlighted that this advancement allows Bakong app users and local bank users to scan QR codes at UPI-accepting merchants abroad, significantly enhancing the digital payment experience for Cambodians and streamlining international transactions.

The recent launch of the second phase of the cross-border payment initiative marks a significant step in enhancing financial transactions for Cambodian users abroad. With capabilities to use UnionPay QR codes internationally via the Bakong app and local banks, this initiative promotes tourism and financial inclusion while simplifying payments. The collaboration between the NBC and UPI aims to elevate the digital payment landscape in Cambodia.

Original Source: fintechnews.sg

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