PHNOM PENH: The National Bank of Cambodia and the Central Bank of Laos announce the official launch of the first phase of cross-border payment via QR Code between the two countries.

The first bilateral meeting and the official launch of the first phase of QR Code payment between Cambodia and Laos was held in the Laotian capital of Vientiane, with Governor of the National Bank of Cambodia Chea Serey and Governor of the Central Bank of Laos Bounleua Sinxayvoravong attending on Friday, August 18.

According to the National Bank of Cambodia, the project to connect cross-border payments is divided into two phases, with the first phase being “Cambodia Scan Currency Code in Laos” which allows Cambodians with Riel accounts to use the program mobile banking to make payments by scanning QR code (LAOQR) with merchants or shops in Laos.

For the second phase "Lao Scan Currency Code in Cambodia" by Lao people who have a Lao Kip account will be able to pay via QR code with shops and merchants in Cambodia.

The project is meant to promote the use of the national currency in the market by fostering convenience, fair pricing, and security which will ultimately promote economic growth, tourism and cross-border trade between Cambodia and Laos.