Malaysia and Cambodia launch phase two of cross-border QR payments

With this move, consumers and merchants in both countries are able to make and receive instant payments through participating financial institutions. 

Therefore, Malaysian travelers can use their local mobile banking apps to scan Cambodia's KHQR codes, in turn simplifying the payment process. Similarly, Cambodian travelers will continue to use the Bakong app to scan Malaysia's DuitNow QR, a feature introduced in phase one of the project launched in 2024. 

Approximately 7 million local merchants in Malaysia and Cambodia will benefit from a broader customer base, providing economic benefits for both countries. Travelers have access to instant cross-border payments through local payment applications. Therefore, the initiative can positively impact tourism and economic growth in both regions. 

Officials from the involved banks stated that the advantages of the new cross-border QR payment linkage between the two countries align with Malaysia's ASEAN chairmanship goals, which include improving financial integration, providing access to instant payments for small businesses and individuals, and strengthening regional connections. 

More about Malaysia and Cambodia's collaboration

To enable the bilateral QE payment linkage, both BNM and NBC worked closely with local platforms such as Maybank, Payment Network Malaysia (PayNet), and various financial institutions from both countries. 

In the initial phase, Cambodian users could make instant retail payments in Malaysia by scanning DuitNow QR codes displayed by merchants using their mobile payment applications. This initiative came at a time of increasing demand for cross-border QR payment transactions. For example, in 2024, BNM recorded 5.2 million transactions, a fourfold increase from the previous year, according to the bank’s data.

The bilateral QR payment agreement represents an important step for both countries. It aligns with the G20 Roadmap for Enhancing Cross-Border Payments, which aims to reduce costs, increase speed, and improve accessibility and transparency by 2027.