Phnom Penh: The National Bank of Cambodia (NBC) and the Payments Japan Association (PJA) have announced the signing of a Memorandum of Understanding (MOU) to establish cross-border QR code payments between Cambodia’s KHQR and Japan’s JPQR. This initiative aims to create mutual interconnectivity between the two nations.
According to Agence Kampuchea Presse, the collaboration for cross-border payments using QR Codes between KHQR and JPQR will occur in two phases. In Phase 1, Cambodian users of the Bakong system will be able to make payments in Japan by scanning JPQR. In Phase 2, Japanese users will have the capability to pay in Cambodia by scanning KHQR.
For the implementation of this initiative, NBC has appointed ACLEDA Bank Plc. and Sathapana Bank as the sponsoring banks for cross-border QR Code payment with Japan. Meanwhile, PJA has designated NETSTARS as the payment and settlement operator for QR code payments with Cambodia.
NBC stated in a press release that the initiative will promote digital payments, enhance transaction security, and facilitate seamless cross-border payments. This development is expected to stimulate tourism and reduce the need for currency exchange during visits to either country. Local businesses, regardless of size, will benefit by being able to accept cross-border QR code payments, providing diverse payment options for residents of both nations.
The press release also highlighted that the capability will allow businesses to manage their operations more securely and conveniently in real-time, while also being cost-effective. The initiative is anticipated to bolster trade, investment, and particularly tourism, fostering economic growth in both countries.
The MoU for cross-border QR code payment between KHQR and JPQR builds on a prior Memorandum of Cooperation (MOC) signed by the National Bank of Cambodia and the Ministry of Economy, Trade and Industry of Japan (METI) on December 18, 2023. This significant event was presided over by Samdach Moha Bovor Thipadei HUN Manet, Prime Minister of the Kingdom of Cambodia, and H.E. KISHIDA Fumio, Prime Minister of Japan, serving as a framework for cross-border QR Code payment.
The NBC and PJA will work closely with public and private sector partners, as well as relevant institutions in both countries, to ensure the successful implementation of the cross-border QR code payment interoperability between KHQR and JPQR. NBC announced that Phase 1 is scheduled to officially launch in the first semester of 2025 at the Osaka-Kansai Expo 2025 in Osaka, Japan, from April 13 to October 13, 2025, with Phase 2 planned for rollout by the end of 2025.