SIEM REAP: Vietnam is the latest country to launch cross-border QR payments with Cambodia following Thailand and Laos. The new policy enables people of both countries to make safe, secure, convenient, and affordable cross-border payments. According to a statement from the National Bank of Cambodia (NBC), it will also promote the usage of local currencies.

NBC Governor Chea Serey and State Bank of Vietnam's Governor Nguyen Thi Hong presided over the launching event held in Siem Reap Province on December 3.

"The launch of the cross border QR payment system between Cambodia and Vietnam is also expected to benefit Cambodians and Vietnamese citizens, especially tourists and merchants," the Cambodian central bank said.

Under the project, Cambodian travelers will be able to make payments in Vietnam in Riel via the Viet QR code, while Vietnamese customers can make payments in Cambodia in the Vietnamese Dong via the KHQR code.

KHQR is a universal quick response (QR) code system created for retail payments in Cambodia and only requires a single scan to receive payment from any mobile app.

NBC launched the KHQR code payment service in 2022 to promote mobile retail payments in the country. It is part of a wider effort to expand the formal economy to more Cambodians. Cambodia is currently working on deals with China to facilitate cross-border payments as well as the Cambodian economy goes more international.