ANTD.VN - The State Bank of Vietnam and the National Bank of Cambodia have just jointly organized a ceremony to announce the bilateral retail payment connection using QR codes between Vietnam and Cambodia.
Previously, in November 2022, the National Bank of Cambodia (NBCC) and the SBV signed a Memorandum of Understanding on cooperation in the field of financial innovation and payment systems to promote the cross-border QR payment and remittance project between Cambodia and Vietnam.
Under the direction of the State Bank of Vietnam and the National Bank of Cambodia, up to now, the National Payment Corporation of Vietnam (NAPAS) and ACLEDA Bank of Cambodia - the two units assigned to implement the project - have officially completed the pilot connection of retail payments using QR codes between Vietnam and Cambodia.
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Governors of the Central Banks of Vietnam and Cambodia perform the launching ceremony of cross-border payment service using QR code |
At the announcement ceremony, Governor of the State Bank of Vietnam – Ms. Nguyen Thi Hong and Governor of the National Bank of Cambodia – Ms. Chea Serey jointly performed the launching ceremony of the cross-border payment service using QR code to mark an important milestone in the good cooperation between the Central Bank, businesses and commercial banking systems of the two countries.
By successfully implementing the above connection, through the Bakong application of the National Bank of Cambodia, customers of 57 Cambodian banks when coming to Vietnam can scan the VietQR code at payment acceptance points of the first banks to deploy the service, including BIDV and TPBank, to pay from the customers' Cambodian Riel (KHR) accounts.
Conversely, Vietnamese tourists visiting Cambodia can also use mobile applications of banks including BIDV, Sacombank and TPBank to make KHQR scanning payments at about 1.8 million payment acceptance points in Cambodia.
When using cross-border payment services using QR codes, visitors from both countries will enjoy preferential exchange rates instead of converting to a third currency.
In the coming time, NAPAS said it will continue to cooperate with Cambodia to expand the number of Vietnamese banks participating in the service to meet the payment needs of tourists from both countries.
Previously, within the framework of the bilateral cooperation conference between the State Bank of Vietnam and the Bank of the Lao PDR held on December 1, 2023 in Luang Prabang city - Laos, NAPAS and Lao National Payment Network Company Limited (LAPNET) signed a Cooperation Agreement on research and pilot implementation of bilateral retail payment connection using QR codes between Vietnam and Laos.
Thus, in Southeast Asia alone, NAPAS has implemented cross-border payment cooperation with three important partners including Thailand, Laos, and Cambodia.
As a financial switching unit and national retail payment infrastructure provider, NAPAS has coordinated with banks to deploy the NAPAS 247 Express Transfer service using VietQR code and payment service using VietQR code.
In particular, VietQR is the common brand identity for payment and transfer services using QR codes processed through the NAPAS network, member banks, payment intermediaries, and payment partners in Vietnam and internationally of NAPAS. VietQR complies with the Basic Standards for QR codes issued by the State Bank of Vietnam and the QR code payment standards of EMV Co.
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