PHNOM PENH (Xinhua): Cambodia and Thailand on Tuesday (June 6) launched the second phase of cross-border QR code payments, which will allow Thai nationals to shop in Cambodia using the Thai currency baht.
Chea Chanto, governor of the National Bank of Cambodia (NBC) and Sethaput Suthiwartnarueput, visiting governor of the Bank of Thailand, presided over the launching event in Phnom Penh, said a NBC's press statement.
The launch of cross-border QR code payments "aims to promote the usage of local currencies and financial inclusion, facilitate cross border trade activities, and boost tourism in both countries", the statement said.
"As the first phase of this project, launched in 2020, allowed Cambodians to be able to pay for goods or services through mobile banking application by scanning QR code at retail merchants in Thailand and vice versa on the second phase starting from June 6, 2023 onward," it added.
The two neighbouring countries' central banks have worked together since 2018 to develop a QR code payment app in order to allow people to shop in each other's countries using the currency of their own country.
With the app, Cambodians will be able to use riel to purchase goods in Thailand, while Thais travelling in Cambodia will be able to pay in baht. The users of the QR code payment system will be required to have a bank account in their local currency.
Cambodia's official figures show that there are currently more than one million Cambodian migrant workers in Thailand, and that more than 424,000 Thais visited Cambodia in the first three months of 2023.