Cambodia and Vietnam have launched a cross-border QR code payment system, allowing residents of each countries to make use of QR code scans to make payments in local currencies.
The inauguration took place on Sunday (December 3) in Siem Reap province in northwestern Cambodia. The inauguration was chaired by Chea Sereh, Governor of the National Bank of Cambodia (NBC) and Nguyen Thi Hong, Governor of the State Bank of Vietnam. Representatives of assorted partner banks also participated within the event.
According to an NBC press release, the collaboration goals to offer cross-border payment services which might be secure, convenient and inexpensive. These bilateral cross-border QR code payments are expected to learn many parties, especially tourists and traders. In addition, the project also goals to advertise the adoption of digital payments, increase the usage of national currencies and stimulate economic growth and tourism.
With this project, Cambodian tourists will find a way to make payments in Vietnam in Riel currency via the VietQR QR code, while Vietnamese customers will find a way to make payments in Cambodia in Vietnamese Dong currency via the QR code KHQR.
This decision follows the Memorandum of Understanding signed by each central banks on November 8, 2022. Following the signing, either side agreed to cooperate in the world of financial innovation and payment systems, with the aim of promoting the event of cross-border payments using QR codes.
