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FINANCE 1: The National Bank of Cambodia (NBC) launched the KHQR code payment service

The National Bank of Cambodia (NBC) launched the KHQR code payment service, the standardized banking QR code, aiming at promoting a wider use of mobile retail payments in the country.

The launch was held under the presidency of HE Ms. Chea Serey, Director General of NBC's Central Banking, with 200 participants from the NBC, relevant ministries, and banking and financial institutions.

KHQR has a standardized QR with EMV standard and developed by the NBC. Any mobile application of Bakong members and 37 financial institutions can scan KHQR for payment.

The code system created for retail payments in the country, adding that it only requires a single QR for receiving payment from any mobile app including the Bakong app.

Users can scan the KHQR codes generated by merchants via Bakong or other supported apps - and vice versa - for transactions in Cambodian Riel and US dollar, NBC said.

"The official launch of KHQR today will contribute to the promotion of innovation and financial technology in the use of banking and financial services with confidence, security, efficiency, and inclusiveness in order to support the Cambodia Digital Government Policy," HE Ms. Chea Serey said.

Payment transactions worth US $ 113 billion in 2021, up 46.7 percent and 19 percent, respectively, from a year earlier, are according to NBC.