Cambodia and Thailand on June 6 launched the second phase of cross-border QR code payments, which will allow Thai nationals to shop in Cambodia using the Thai currency of baht and vice versa.

Delegates of Cambodia and Thailand at the Cross-Border QR Payment Phase II launching ceremony (Photo:cpp.org.kh)

According to the National Bank of Cambodia (NBC)’s press statement, Chea Chanto, Governor of the NBC and Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, presided over the launching event in Phnom Penh.

The launch of cross-border QR code payment system aims to promote the usage of local currencies and financial inclusion, facilitate cross border trade activities, and boost tourism in both countries.

As the first phase of this project, launched in 2020, allowed Cambodians to be able to pay for goods or services through mobile banking application by scanning QR code at retail merchants in Thailand, and vice versa on the second phase starting on June 6, the statement noted.

The two neighboring countries' central banks have worked together since 2018 to develop a QR code payment app in order to allow people to shop in each other's countries using the currency of their own country.

With the app, Cambodians will be able to use riel to purchase goods in Thailand, while Thais travelling in Cambodia will be able to pay in baht. The users of the QR code payment system will be required to have a bank account in their local currency.

Cambodia's official figures show that there are currently more than 1 million Cambodian migrant workers in Thailand, and that more than 424,000 Thais visited Cambodia in the first three months of 2023.

Source: VNA