UnionPay inks deal with Cambodia to promote QR cross-border payments

It aims to benefit residents of both countries in cross-border mobile payments. 

UnionPay International (UPI) and the National Bank of Cambodia have signed a Memorandum of Understanding to promote QR code interoperability.

The agreement, which commenced in Phnom Penh, Cambodia, aims to benefit residents of both countries in cross-border mobile payments. 

Through this collaboration, Cambodian residents can use their e-wallets from their home country to make payments within UnionPay's global QR network, including China. 

This enables them to fulfil their mobile payment needs when visiting China or other destinations. 

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Additionally, UnionPay payment information will be integrated into the Cambodian QR system, allowing local QR merchants to accept payments from the UnionPay App and Chinese mainland banking apps connected to the UnionPay App Network Payment Platform.

In addition, both parties have agreed to collaborate on integrating UnionPay payment information into Cambodia's national QR system, known as KHQR. 

This integration will enable KHQR merchants to accept UnionPay-powered wallets.

Developed with the assistance of the National Bank of Cambodia, KHQR has achieved complete acceptance coverage throughout the country.