Alipay+ Now Integrated With Cambodia’s National QR Code KHQRby Fintech News Singapore November 15, 2023
The National Bank of Cambodia (NBC) and Ant International have partnered to promote efficient and secure cross-border mobile payments via QR code.
The partnership, signed at the Singapore Fintech Festival, will enable users of Alipay+ payment partners to easily make payments at any KHQR merchants across Cambodia, and vice versa.
KHQR, launched by the NBC in 2022, is a QR code-based payment solution designed to facilitate retail payments within Cambodia and cross-border transactions within ASEAN.
Under this partnership, users of Alipay+ payment partners can simply use their home e-wallets to pay at any KHQR merchant in Cambodia, eliminating the need for currency exchange or physical cash transactions.
Similarly, Bakong users with full KYC and Khmer Riel (local) bank account holders will be able to use local wallets and apps supported by the NBC to make payments at Alipay+ global merchants.
Alipay+, operated by Ant International, is a global cross-border payment solution accepted at over 88 million merchants across 57 markets worldwide.
Other than Cambodia, Alipay+ is also integrated with the national QR codes in Singapore, Malaysia, South Korea and Sri Lanka.
This collaboration aims to enhance convenience for both tourists and local businesses in Cambodia, a country that welcomed nearly 4 million international visitors in the first nine months of 2023.
H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia said,
“This MOU marks another milestone in cross-border payment. Cambodia has become a popular destination for Chinese and international tourists in recent years, and for the economy, cross-border QR payments can make a big difference in a digital way and offer more convenience.
This simplicity of making payments, provides merchants with a boost in revenue, helping to stimulate economic activity. I’m confident this collaboration with Alipay+ will be beneficial for all parties and I would like to extend my wishes of continued success fir all stakeholders as we embark on this journey of cooperation and achievement.”
Douglas Feagin, Senior Vice President of Ant Group and Head of Alipay+, Ant International said,
“We thank the National Bank of Cambodia for their partnership and support in enabling acceptance of Alipay+ payment partners across the KHQR network. We believe that this will bring added convenience to tourists, who have a preference to ‘pay like a local’, using their familiar payment methods wherever they can.
More importantly, this will make it easier for them to shop at local businesses, particularly micro merchants, thereby bringing these merchants more opportunities, and stimulate the overall growth of the tourism ecosystem in Cambodia.”