KUALA LUMPUR: The central banks of Malaysia and Cambodia have launched a cross-border QR payment linkage between the two countries, allowing consumers and merchants to make and receive instant retail payments through mobile applications.
"The QR payment linkage initiative will enable over 5 million merchants in Cambodia and Malaysia, mostly small businesses, to access a wider customer base from both countries," Bank Negara Malaysia and the National Bank of Cambodia said in a joint statement.
Vietnam, Indonesia, Malaysia, Thailand, the Philippines and Singapore have already been working to connect each of their payment systems, including using the QR (quick response) code system for retail transactions.
Under the first phase, users from Cambodia can make instant retail payments in Malaysia by scanning DuitNow QR codes displayed by merchants using their mobile payment applications (i.e. Bakong app and Maybank M2U KH app).
This successful launch of the payment linkage is made possible through the strong collaboration of various stakeholders from both countries including the NBC, Payments Network Malaysia Sdn. Bhd. (PayNet), Maybank as the sponsoring and settlement bank as well as participating financial institutions from both countries.
In the next phase of the linkage, users in Malaysia traveling to Cambodia will also be able to pay their purchases seamlessly to Cambodian merchants by scanning KhmerQR (KHQR) using the mobile payment applications of participating financial institutions.
The QR payment linkage initiative will enable over five million merchants in Cambodia and Malaysia, mostly small businesses, to access a wider customer base from both countries.
More broadly, this will drive trade, boost tourism and promote economic growth in both nations. This milestone also reflects Asean’s collective vision and the objectives of the Regional Payment Connectivity initiative, for greater regional financial integration and inclusive economic development.
BNM Governor Dato’ Seri Abdul Rasheed Ghaffour said, “This collaboration brings us closer to realising the vision of an interconnected and seamless retail payment ecosystem between Cambodia and Malaysia.
"By linking the national QR codes, cross-border transactions between our two countries will be faster and more efficient, offering significant benefits to millions of individuals and businesses in both countries.
" This initiative will not only support the broader digital economy agenda but also boost economic activities across the region by leveraging on the convenience and efficiency of QR payments. We remain committed to driving greater economic and financial integration within Asean, in close collaboration with regional partner by advancing safe and secure digital financial services.”
His counterpart NBC Governor Dr. Chea Serey agreed and said that the event marks a significant achievement, reflecting the strong cooperation between the central banks and our partners from both countries.
"This cross-border payment initiative will play a crucial role in boosting trade activities and advancing financial inclusion in both nations, signifying an important step towards realising the vision of an Asean network of fast, efficient, secure and interconnected retail payment systems across the region," he added.
