News

Thailand, Cambodia launch cross-border QR payments

Thursday 20 February 2020 08:53 CET | News

BOT (Bank of Thailand) and NBC (National Bank of Cambodia) have jointly announced the launch of a QR code-based retail payments link between the two Southeast Asian countries, according to Regulation Asia.

The QR payment service was developed and tested by Thailand’s SCB (Siam Commercial Bank) with its Cambodian subsidiary, following an MOU between BOT and NBC in 2019.

As the sponsoring bank in Thailand, SCB is collaborating with three banks in Cambodia to enable “interoperable QR Codes for retail payment that complies with international standards.”

Cambodia’s three sponsoring banks are Acleda Bank, Foreign Trade Bank of Cambodia, and Cambodian Commercial Bank – the latter being the wholly-owned subsidiary of SCB Thailand. The selection of the three banks was made in June 2019.

As of Tuesday (18 February), Cambodian tourists visiting Thailand can use their mobile banking apps to scan QR codes of Thai merchants and pay in riel. The maximum amount per day is KHR 5 million (USD 1,224).

Similarly, Thai tourists visiting Cambodia will be able to use their mobile banking apps to scan QR codes of Cambodian merchants and pay in baht – starting from Q3 this year.

BOT and NBC both believe that the new payment connectivity will not only facilitate the trade and tourism between Thailand and Cambodia, but it also represents a significant step towards financial inclusion.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Thailand, Cambodia, cross-border, QR payments, retail payment, Bank of Thailand, National Bank of Cambodia, financial inclusion
Categories: Banking & Fintech | Mobile Payments
Countries: Thailand
This article is part of category

Banking & Fintech