PHNOM PENH (Xinhua): Cambodia and Laos on Friday launched the second phase of cross-border QR code payments, which allow Lao travellers to shop in Cambodia using their own currency.
Governor of the National Bank of Cambodia, Chea Serey, and Governor of the Bank of the Lao PDR, Bounkham Vorachit, presided over the launch event held in the Cambodian capital Phnom Penh.
"With the launch of this Phase 2, Lao citizens can now use their mobile banking applications to scan KHQR codes at around 4.5 million merchants across Cambodia," Serey said.
She added that this initiative opened new opportunities for merchants in both countries to broaden their market reach while fostering trade, investment and tourism between the two neighbouring nations.
"Travellers will benefit from a seamless, fast, and secured cross-border payment experience," she said.
Serey said the initiative served as a bridge connecting the culture, economies, and people of Cambodia and Laos.
"It supports economic ties by facilitating secure digital transactions, enhances tourism by simplifying payment processes and promotes deeper regional integration within ASEAN," she said. "This launch also amplifies our shared commitment to realise ASEAN's vision through an interconnected digital payment system."
Bounkham said the second phase, or full launch, of the cross-border QR code payments allowed the people of Cambodia and Laos to pay for goods in their own currencies by scanning QR codes.
She said from now on, Lao people, while travelling in Cambodia, can pay in Lao kip for buying goods by scanning the KHQR codes of Cambodia's Bakang app.
The second phase launch came after both countries successfully introduced the first phase of cross-border QR code payment connectivity in August 2023, which allowed consumers using Cambodia's Bakang app to scan Lao QR codes while visiting Laos. -- Xinhua
