The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) announced the successful implementation of a cross-border QR payment system between the two countries.

The pilot project, which began in mid-2022, has been completed as scheduled.

This initiative allows Vietnamese and Cambodian visitors to use their domestic currencies, VND and KHR, for payments at various merchants in each other’s country.

NAPAS, Vietnam’s national payment switch, and ACLEDA Bank, a Cambodian financial institution that coordinated with other commercial banks through the BAKONG payment system, played crucial roles in coordinating the project.

Vietnamese tourists can now use their mobile banking apps to scan KHQR codes at Cambodian businesses, while Cambodian tourists can use the BAKONG app, which is connected to most of Cambodia’s financial institutions, to scan VietQR codes at Vietnamese merchants.

This new payment system is expected to boost tourism and economic ties between the two nations by facilitating cross-border transactions and reducing reliance on foreign currencies.

Currently, the project involves Vietnamese banks BIDV, TPBank, and Sacombank, with plans to include more banks in the future.

Featured image: Governor Nguyen Thi Hong experiences the QR payment service in Siem Reap, Cambodia 

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