Cambodia visitors will soon scan UnionPay QR code for payments in China

(ECNS)-- The National Bank of Cambodia (NBC) on Monday signed a Memorandum of Understanding (MoU) in Phnom Penh with UnionPay International, a subsidiary of China UnionPay, the country's largest bank card payment processor, on cross-border QR code payment.

Under the MoU, Cambodian residents will be able to directly scan global UnionPay QR code for payments in China, which will meet their needs for cross-border mobile payments.

The local QR codes in Cambodia will also support payments through the UnionPay network accessed by the UnionPay app and Chinese commercial bank apps within the Chinese mainland.

UnionPay is accepted by over 90 percent of merchants in Cambodia and major local banks have issued hundreds of thousands of cards, making them a payment tool favored by the residents in the country.

UnionPay International has reached an agreement with NBC to promote the cooperation of Bakong e-wallet, Cambodia’s local payment system, with UnionPay mobile payment services. In the future, Cambodian residents will be able to directly use the Bakong e-wallet to scan UnionPay QR codes for payments.

Moreover, under the MoU, some 10 million KHQR users in Cambodia will be able to directly scan UnionPay QR Code in China this year. KHQR is a universal quick response (QR) code system created for retail payments in Cambodia.