Cambodia's central bank, UnionPay International launch 2nd phase of cross-border QR code payments

PHNOM PENH, March 10 (Xinhua) -- The National Bank of Cambodia (NBC) and UnionPay International (UPI) on Monday launched the second phase of cross-border QR code payments.

Through this second phase partnership, the users of Cambodia's Bakong app are now able to scan QR codes at UPI accepting merchants in China and beyond while traveling abroad, NBC's Governor Chea Serey said at the launch event in Phnom Penh.

"This is really great news for Cambodian citizens who will be visiting China," she said. "This development significantly enhances the digital payment experience for Cambodian citizens, making international transactions more seamless and convenient."

Serey said the partnership would enhance cross-border payments by expanding the accessibility of digital payments, not just between Cambodia and China, but globally for those partnering with UPI to effortlessly conduct cross-border payments by scanning QR codes.

The governor said the second phase launch came after both sides successfully introduced the first phase of cross-border QR code payments in December 2023, which allowed UnionPay cardholders to scan Bakong QR codes to complete payment transactions at millions of merchants in Cambodia.

Speaking at the event, UPI's Deputy Chairman and Chief Executive Officer Larry Wang said the partnership would bring real convenience to Cambodians traveling or shopping abroad.

"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," he said.