Vietnam and Cambodia have launched a cross-border QR code-based payment system to make it easier for Vietnamese and Cambodians to shop when traveling in another country.
|The launch of the cross-border QR code payment platform between Vietnam and Cambodia. Photo: VietNamNet
According to the State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC), the new payment platform will allow people in both countries to make safe and easy purchases.
With the new platform, people from both nations can pay for goods and services in their own currencies in a safe and convenient way.
Cambodians can scan the QR Vietnam code to pay for their purchases in riel when in Vietnam, while Vietnamese can use the KHQR code to do the same in dong when in Cambodia.
The recent launch of the cross-border transaction platform is the realization of a Memorandum of Understanding (MoU) signed by the two central banks in early November 2022.
Vietnamese customers of TPBank, Bank for Investment and Development of Vietnam (BIDV), and Sai Gon Thuong Tin Bank (Sacombank) will be able to use the KHQR code in Cambodia, cafef.vn reported.
Vietnam is the third ASEAN nation with which Cambodia has established cross-border cashless payment cooperation. The other two are Thailand and Laos.
Cashless payment is one of the key areas that Vietnam wants to promote as the country tries to develop a digital economy.