Cambodia Launches Cross-Border QR Code Payments with UnionPay

Cambodia has launched cross-border QR code payments via UnionPay, allowing residents to scan QR codes for payments in China and other countries. This initiative, announced by the NBC and UPI, aims to promote trade, tourism, and financial inclusion while enhancing the use of local currency.

The National Bank of Cambodia (NBC) has launched phase two of the Bakong cross-border payment system in collaboration with UnionPay International (UPI). This new initiative allows Cambodians to complete cross-border payments simply by scanning the UnionPay QR Code while in China and other participating nations, as well as utilizing WeChat Pay QR Codes. This development aims to enhance trade, promote tourism, facilitate cross-border payments and remittances, and encourage the use of local currency, ultimately supporting financial inclusion in Cambodia.

The launch event was presided over by H.E. Dr. Chea Serey, the Governor of the National Bank of Cambodia. In attendance were notable figures such as Larry Wang, the CEO and Deputy Chairman of UPI, along with Ho Wai Man, General Manager of Bank of China Credit Card (International) Ltd. Additionally, representatives from the Chinese Embassy in Cambodia, the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and the Cambodian Association of Finance and Technology (CAFT), as well as representatives from various banking and microfinance institutions, also participated in the event.

The introduction of cross-border QR code payments via UnionPay marks a significant step forward for Cambodia’s financial landscape. By facilitating easier payment processes for Cambodians traveling abroad, this initiative is poised to enhance trade and tourism while promoting local currency use and financial inclusion. The collaborative efforts between NBC and UPI reflect a commitment to modernize and expand Cambodia’s payment systems.

Original Source: asianbankingandfinance.net