The National Bank of Cambodia (NBC) and the Bank of Thailand (BOT) on Thursday presented to the public the “Interoperable QR Payment” system, which seeks to facilitate cross-border payments in local currencies.
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Chea Chanto, NBC governor, and his Thai counterpart Veerathai Santiprabhob led a presentation of the new payment system during a meeting of the governors of Asean’s central banks, which was held last week in Chiang Rai, Thailand.
The meeting was held under the theme ‘Connecting Payment System in Asean: Cambodia and Thailand’.
The Interoperable QR Payment allows people to conduct payments in their own currency when travelling abroad by scanning QR codes, according to the presentation.
The payments are in line with Europay, MasterCard, and Visa’s standards, Mr Chanto said.
Chea Chanto said that QR code payment system is crucial to facilitate cross-border payments, reduce risks and boost payment efficiency.
“Both countries will work together to expand the payment network and enable cross-border payments through QR codes,” he said, adding that most banks in Cambodia and Thailand are already included in the system’s network.
Mr Santiprabhob said he was delighted to see progress in the development of cross-border payment infrastructure between Cambodia and Thailand.
He said the Interoperable QR Payment is important because Cambodia is a popular destination for Thai tourists, who like conducting payments on their smartphones.
In February Mr Chanto and Mr Santiprabhob signed a Memorandum of Understanding on cooperation in financial innovations and payment systems.