NBC and UnionPay Launch Phase 2 of Cross-Border Payment Initiative
New Phase Allows Cambodian Users to Make Payments Abroad via UnionPay QR Codes
The National Bank of Cambodia (NBC) and UnionPay International (UPI) have officially launched the second phase of their cross-border payment initiative. This new phase allows Cambodian users to make payments abroad by scanning UnionPay QR codes at merchants accepting UPI, expanding payment capabilities beyond Cambodia. The launch event on March 10 included representatives from the Chinese embassy, financial institutions, and industry stakeholders.
This expansion follows the first phase, which began in December 2023 and allowed UnionPay users to scan Cambodia's KHQR codes for payments. With the new phase, users of the Bakong app and local bank applications can now make cross-border payments in China and other countries through UPI’s network, facilitating digital transactions for Cambodian residents traveling abroad. The initiative aligns with the “Cambodia-China Year of Tourism” and promotes financial inclusion by encouraging the use of local currency in international transactions.
The initiative was celebrated by both UnionPay and the National Bank of Cambodia. Larry Wang, CEO of UnionPay International, emphasized the milestone of integrating Bakong with UnionPay, enhancing financial accessibility and contributing to Cambodia’s digital payment ecosystem. H.E. Dr. Chea Serey, Governor of NBC, highlighted how this development simplifies international payments, enhancing convenience for Cambodian citizens abroad.
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This expansion follows the first phase, which began in December 2023 and allowed UnionPay users to scan Cambodia's KHQR codes for payments. With the new phase, users of the Bakong app and local bank applications can now make cross-border payments in China and other countries through UPI’s network, facilitating digital transactions for Cambodian residents traveling abroad. The initiative aligns with the “Cambodia-China Year of Tourism” and promotes financial inclusion by encouraging the use of local currency in international transactions.
The initiative was celebrated by both UnionPay and the National Bank of Cambodia. Larry Wang, CEO of UnionPay International, emphasized the milestone of integrating Bakong with UnionPay, enhancing financial accessibility and contributing to Cambodia’s digital payment ecosystem. H.E. Dr. Chea Serey, Governor of NBC, highlighted how this development simplifies international payments, enhancing convenience for Cambodian citizens abroad.
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