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Tuesday, June 25, 2024

Vietnam, Cambodia launch cross-border QR payment service

By Nguyen Tan

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HCMC –Vietnam and Cambodia have jointly launched a bilateral retail QR payment link, streamlining payments for customers in both countries.

This initiative comes following a bilateral conference held in Cambodia between the State Bank of Vietnam (SBV) and the National Bank of Cambodia.

The newly introduced service allows customers of 57 Cambodian banks to make payments in Vietnam at the locations authorized by BIDV and TPBank using their riel currency, all through QR code technology.

Vietnamese visitors to Cambodia can utilize mobile apps from Vietnamese banks, including BIDV, Sacombank, and TPBank, to make payments at 1.8 million authorized payment points across Cambodia by scanning KHQR codes.

National Payment Corporation of Vietnam (NAPAS) and ACLEDA Bank of Cambodia are responsible for implementing the project, following a successful trial of the cross-border retail QR payment link between the two countries.

NAPAS has expanded its presence in the Southeast Asian region, particularly in Thailand and Cambodia. Additionally, they have plans to extend their services to Laos in the near future.

One of the key advantages of this cross-border payment service is that customers from both countries can enjoy favorable foreign exchange rates without the need to convert their currency into a third denomination.

In the future, NAPAS is committed to working with Cambodia to further expand the list of Vietnamese banks participating in the service, catering to the growing demand for cross-border payments among residents of both nations.

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