Cambodia and Malaysia launch cross-border QR payment codes

Governor of the National Bank of Cambodia (NBC) Chea Serey and Governor of the Central Bank of Malaysia Abdul Rasheed Ghaffour pose for a photo at the launch of the cross-border QR code payment system on September 19 - Photo: NBC

“The QR code initiative allows more than 5 million merchants in Cambodia and Malaysia, mainly small businesses, to reach a wider customer base from both countries,” the Central Bank of Malaysia and the National Bank of Cambodia (NBC) said in a joint statement on September 19.

Through the new project, NBC Governor Chea Serey said people from both countries can now make cross-border payments via Cambodia's Bakong app or Malaysia's Maybank M2U KH and DuitNow QR apps.

According to the Phnom Penh Post , the project will be implemented in two phases. Once the first phase is completed, Cambodian residents and tourists will be able to scan QR codes to pay for goods and services on the Bakong or Maybank M2U KH app at more than 2 million retail locations in Malaysia using the Cambodian riel.

Once the second phase is completed, Malaysians will be able to scan QR codes from participating banks to pay for goods and services at retail outlets in Cambodia using Malaysian ringgit.

“This project plays an important role in promoting trade and financial activities between the two countries, affirming an important step towards realizing the ASEAN Economic Community’s vision of a fast, efficient and secure connected retail payment system,” Ms. Chea Serey emphasized.

In addition, the cross-border QR code payment system allows transactions between Cambodia and Malaysia to be faster, more convenient and more reliable, enhancing the experience for tourists between the two countries.

Cambodia will have similar agreements with Vietnam, Thailand, Laos, China and South Korea in the future, including the use of QR code systems for retail transactions.

Source: https://tuoitre.vn/campuchia-va-malaysia-ra-mat-ma-thanh-toan-qr-xuyen-bien-gioi-20240920134920332.htm