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Cambodia, Thailand launch cross-border QR payment phase II
Cambodia and Thailand launched the second phase of their cross-border QR payment system, which aims to promote the use of local currencies, financial inclusion and cross-border trade and tourism.
Chea Chanto, Governor of the National Bank of Cambodia, and Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, attended the launching ceremony in Phnom Penh yesterday.
The first phase of the project was launched in 2020.
“The second phase of Cross-border QR payments between Cambodia and Thailand aims to promote the usage of local currencies and financial inclusion, facilitate cross-border trade activities, and boost tourism in both countries,” according to a press release.
In the second phase, Thais visiting Cambodia will be able to make cashless payments by scanning QR codes displayed at merchants’ counters using their mobile banking applications.
In the first phase, Cambodians could use their mobile banking apps to scan QR codes at retail merchants in Thailand to pay for goods or services.
KHQR is a universal quick response (QR) code system created for retail payments in the Kingdom and cross-border payments within the ASEAN bloc, according to the central bank.
The leaders of the central banks of the two countries expressed their strong support for the work of both central banks. They stated that the launch of the project was a positive step in promoting the use of local currencies in the market. The project will also contribute significantly to boosting financial inclusion, facilitating cross-border trade, and promoting tourism.
According to the central bank’s Financial Stability Review, electronic payment transactions amounting to 415.5 trillion riels (approximately $102 billion) were recorded nationwide in 2021.
The number of registered e-wallet accounts increased to 19.5 million and the total number of transactions jumped from 708 million to 1 billion with a total amount of $272.8 billion, an increase of 34 percent, the report said.
In the meeting ahead of the launching ceremony, the two parties discussed strengthening solidarity, friendship, economic cooperation and macroeconomics, banking sector development and FinTech between the countries.
Source: https://www.khmertimeskh.com/501303481/cambodia-thailand-launch-cross-border-qr-payment-phase-ii/