Thailand and Cambodia’s Payments QR are Now Interoperable
by Fintech News Singapore February 21, 2020Regulators from Thailand and Cambodia announced earlier the launch of an interoperable payment QR code between the two countries. Cambodian tourists visiting Thailand will now be able to use the mobile payment app to scan QR codes in Thailand, whereas Thai tourists should expect to be able to scan QR codes in Cambodia by the third quarter of 2020.
Commenting on the collaboration Dr. Veerathai Santiprabhob, Governor of the Bank of Thailand, said:
“The development of interoperable infrastructure which connects payment systems of Cambodia and Thailand will benefit our people of both countries by allowing them to make cross-border payments by scanning QR Codes through their mobile applications. This service will encourage the cross-border payment and digital payment of people of both countries. Also, the adoption of the interoperable QR payment should also pave the way for ASEAN cross-border remittances in the future.”
H.E. Chea Chanto, Governor of the National Bank of Cambodia, added:
“Today’s event marks an important step in this project. I believe that this project will facilitate retail payment activities in both countries and also promote the usage of local currencies. It will also facilitate the circulation of goods and services and contribute to economic growth via reduction of transaction costs as well as minimizing risks of holding cash.”
Both central banks believe that this payment connectivity will not only facilitate the trade and tourism between both countries, but will also be a significant step towards financial inclusion as well.
Featured image credit: Unsplash
