The State Bank of Vietnam and the National Bank of Cambodia jointly organized a ceremony on Sunday to debut a bilateral retail QR code payment service between the two nations, within the framework of a bilateral conference co-hosted by the two banks in Cambodia.

The launch of the cross-border QR payment link was meant to implement the two countries’ commitment to payment connection and financial innovation.

In November last year, the two banks signed a memorandum of understanding to boost cooperation in financial innovation and bilateral payment promotion.

Following directives from the State Bank of Vietnam and the National Bank of Cambodia, the National Payment Corporation of Vietnam (NAPAS) and Cambodia’s ACLEDA Bank have been entrusted with the implementation of the project.

This responsibility comes after the successful completion of a pilot program.

Apart from facilitating cross-border payments for residents of both nations, the launch of the service is aimed at fostering trade activities and spurring tourism.

The border-cross QR payment service enables customers of 57 Cambodian banks to scan a QR code to conduct transactions at BIDV and TPBank payment points using the riel currency when they visit Vietnam.

Meanwhile, Vietnamese travelers to Cambodia can use mobile apps from Vietnam’s BIDV, Sacombank, and TPBank to complete their payments via a QR code at nearly 1.8 million authorized Cambodian payment points.

NAPAS will continue to partner with the Cambodian side in the coming time to expand the participation of Vietnamese banks in the link to meet the demand of both nations’ residents.

Within the framework of a bilateral conference jointly organized by the State Bank of Vietnam and the Central Bank of Laos on December 1 in  Luang Prabang, Laos, NAPAS and Lao National Payment Network Company cut a deal to pilot a bilateral retail QR code payment service between Vietnam and Laos.

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