Cambodia and UnionPay Launch Phase Two of Cross-Border QR Code Payments
The National Bank of Cambodia and UnionPay International launched the second phase of cross-border QR code payments, allowing users of the Bakong app to make transactions internationally. This phase builds on a successful first phase and aims to enhance digital payment accessibility for Cambodians traveling abroad.
On March 10, the National Bank of Cambodia (NBC) in collaboration with UnionPay International (UPI) launched the second phase of cross-border QR code payments. This advancement enables users of Cambodia’s Bakong app to scan QR codes at UPI-accepting merchants in China and other countries while traveling. NBC Governor Chea Serey expressed enthusiasm, stating that this development greatly improves the digital payment experience for Cambodian citizens during international transactions.
Governor Serey emphasized that this partnership not only facilitates payments between Cambodia and China but also enhances global accessibility for digital payments via UPI. This initiative builds on the success of the first phase, which commenced in December 2023, allowing UnionPay cardholders to utilize Bakong QR codes for payments at numerous merchants throughout Cambodia.
Larry Wang, UPI’s deputy chairman and CEO, remarked on the convenience this partnership provides for Cambodians traveling or shopping internationally. He asserted, “By integrating Bakong with UnionPay’s network, we are ensuring that Cambodians can pay like locals, whether they are in China or anywhere else around the globe.”
The collaboration between the National Bank of Cambodia and UnionPay International represents a significant advancement in cross-border payment solutions. This initiative facilitates easier international transactions for Cambodian travelers, enhancing their digital payment capabilities both in China and worldwide. The successful launch of this second phase follows an effective first phase, indicating a promising future for digital payment integration in Cambodia.
Original Source: www.thestar.com.my
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