The National Bank of Cambodia (NBC) and the Bank of Thailand (BOT) made an official presentation of the “Interoperable QR Payment” connection between Thailand’s Siam Commercial Bank (SCB) and its affiliates in Cambodia on Thursday, April 4.
In February Chea Chanto, Governor of the NBC, and Veerathai Santiprabhob, current Governor of the BOT, signed a Memorandum of Understanding on cooperation in finance innovations and payment systems. The memorandum is intended to make domestic and cross-border payments more effective, affordable, and secure, and supports the use of local currency.
The two central bank chiefs headed the demonstration of “Interoperable QR Payment” at the meeting of the governors of ASEAN’s central banks over “Connecting Payment System in ASEAN: Cambodia and Thailand” in Chiang Rai, Thailand.
These QR payments are made in accordance with Europay, MasterCard, and Visa (EMV) standards. They will facilitate cross-border payments between individuals and businesses and Thai tourists will be able to use Mobile Banking on their phones to make payments to Cambodian businesses by scanning in the appropriate QR code.
Chea Chanto said that QR code payment system is crucial for the two countries to facilitate cross-border repayments, reduce risks, boost payment efficiency, and “… both countries will work together to expand the payment network and make cross-border payments via QR. Most banks in Cambodia and Thailand are integrated in the interoperable infrastructure.”
Veerathai Santiprabhob is “… delighted to see the progress in cross-border clearing services between Cambodia and Thailand, especially in the development of interoperable financial infrastructure,” and finds this evolution important because Cambodia is a popular destination for Thai tourists where paying via mobile phones will improve the efficiency of cross-border payments.