PHNOM PENH, June 7 (Xinhua) -- Cambodia and Thailand on Tuesday launched the second phase of QR code cross-border payment services, allowing Thais to shop locally. Cambodia using the Thai baht currency.
A statement from the Central Bank of Cambodia said Central Bank Governor Chea Chanto and Setthaput Suthiwart-Narueput Governor of the Bank of Thailand Co-chaired the launch of the service in Phnom Penh. This progress aims to promote the use of local currencies and access to financial services. Facilitate cross-border trade activities and boosting tourism in both countries
The first phase of the project was launched in 2020 and has enabled Cambodians to purchase goods or services through a mobile banking application by scanning a QR code at a retail store in Thailand. for the second phase of the project Thais will be able to pay with the same method at merchants in Cambodia. starting from June 6, 2023 onwards
The central banks of these two neighboring countries have been working together since 2018 to develop a QR code payment application. To enable people to buy goods in each other's country using their own national currency.
Cambodians can use the Riel currency to shop in Thailand with the above application. While Thais visiting Cambodia can pay in Thai baht. Users of the QR code payment system need to have a bank account in their local currency.
According to Cambodian official figures, more than 1 million Cambodian migrant workers are currently in Thailand and more than 424,000 Thais traveled to Cambodia in the first three months of 2023.
Source: Thai News Agency