Cambodia and Vietnam have launched a cross-border QR code payment system, allowing residents of both countries to use QR code scans to make payments in local currencies.
The launch event took place on Sunday (December 3) in Siem Reap province in northwestern Cambodia. Chea Sereh, governor of the National Bank of Cambodia (NBC), and Nguyen Thi Hong, governor of the State Bank of Vietnam, presided over the launch. The event was also attended by representatives from various partner banks.
According to NBC's press release, this collaboration is being undertaken to provide cross-border payment services that are safe, convenient, secure, and affordable. These bilateral cross-border QR code payments are expected to benefit many parties, especially tourists and merchants. In addition, the project also aims to promote the adoption of digital payments, increase the use of national currencies, and stimulate economic growth and tourism.
With this project, tourists from Cambodia will be able to make payments in Vietnam using the Riel currency through the VietQR QR code, while customers from Vietnam will be able to make payments in Cambodia using the Vietnamese Dong currency through the KHQR QR code.
This decision follows a memorandum of understanding signed by the two central banks on November 8, 2022. Following the signing, both parties agreed to cooperate in the field of financial innovation and payment systems, with the aim of promoting the development of cross-border payments using QR codes.
