PHNOM PENH, Sept. 19 (Xinhua) -- Cambodia and Malaysia on Thursday launched cross-border QR code payment connectivity.

Speaking at the launching event held in the capital Phnom Penh, Chea Serey, governor of the National Bank of Cambodia (NBC), said under this project, the people of both countries will be able to make their cross-border payments via Cambodia's Bakong app or Maybank M2U KH app and Malaysia's PayNet's DuitNow QR.

"The first phase of this connectivity will allow Cambodian visitors to enjoy a more efficient and secure payment experience by using their Bakong app or M2U KH app to scan and pay at over 2 million merchants displaying PayNet's DuitNow QR, Malaysia's national QR code payment system, in Khmer Riel as the primary transaction currency," she said.

"In the next phase, individuals in Malaysia will be able to use the mobile banking applications of participating commercial banks to scan KHQR Codes displayed by merchants in Cambodia," she added.

Serey is confident that introducing cross-border QR code payment between Cambodia and Malaysia would play a crucial role in promoting tourism, boosting trade activities and advancing financial inclusion in both nations.

It also signified an important step towards realizing the vision of the Association of Southeast Asian Nations (ASEAN) network of fast, efficient, secure, and interconnected retail payment systems across the region, she added.

The governor said one of the NBC's key priorities is to enhance and modernize the cross-border payments.

Besides Malaysia, Cambodia has successfully launched bilateral cross-border QR code payment projects with several partner countries such as Thailand, Vietnam, Laos, China, and South Korea, she said. Enditem

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