PHNOM PENH: The National Bank of Cambodia (NBC) and Chinese company UnionPay International signed a Memorandum of Understanding (MoU) on July 10 to facilitate fast and easy payments internationally using a QR code.

NBC Deputy-Governor, Chea Serey, said that the transnational payment cooperation between Cambodia and China will boost the number of tourists between the two countries, and promote both the Cambodian Riel and the Chinese Yuan.

According to Chea Serey, Chinese tourists in Cambodia will be able to pay through KHQR anywhere QR codes are accepted in the country. Cambodian tourists to China will also be able to use KHQR to pay through any QR connected via Union Pay, Wechat and AliPay.

"The important thing is that Cambodian sellers need to have KHQR to receive the Riel, and those who want to spend easily in China also need to have a savings account in Riel to make this transaction. This is a measure to improve the use of our Riel," she said.

The NBC Deputy-Governor confirmed that transnational payments between China and Cambodia will be operational by the end of this year or early 2024.

On June 6, the NBC made payments in Thai Baht available at 1.5 million stores by QR code in Cambodia. The bank has plans to introduce QR payment options with Vietnam and Laos as well.