The National Bank of Cambodia (NBC) and UnionPay International (UPI) have officially launched the second phase of their cross-border payment initiative, enabling Cambodian users to make payments abroad by scanning UnionPay QR codes at UPI-accepting merchants.
The launch event took place on Monday (10 March) with representatives from the Chinese embassy, financial institutions, and industry stakeholders in attendance.
This expansion follows the first phase, introduced in December 2023, which allowed UnionPay users to scan KHQR codes in Cambodia.
The latest phase enables users of the Bakong app and local bank applications to make cross-border payments in China and other countries through UPI’s network.
The initiative is expected to facilitate digital transactions for Cambodian residents traveling abroad.
This aligns with the “Cambodia-China Year of Tourism” and supporting financial inclusion by promoting the use of local currency in international payments.
Larry Wang, Chief Executive Officer of UnionPay International, said,
“We are delighted to pioneer the integration of Bakong and UnionPay today, marking another historic milestone following the successful launch of Phase 1.
The official launch of Phase 2 enables users of the Bakong app and local bank applications to conduct transactions in Mainland China and worldwide, thereby enhancing financial accessibility and contributing to the advancement of Cambodia’s digital payment ecosystem.”
H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, said,
” With this advancement, Cambodian residents, as well as users of the Bakong app and local bank apps, will now be able to scan QR codes at UPI-accepting merchants in China and beyond while traveling abroad.
This development significantly enhances the digital payment experience for Cambodian citizens, making international transactions more seamless and convenient.”
Featured image: Edited from LinkedIn
