KUALA LUMPUR - The central banks of Malaysia and Cambodia on Thursday launched a cross-border quick response (QR) payment linkage between the two countries, allowing consumers and merchants to make and receive instant retail payments through mobile applications.
"The QR payment linkage initiative will enable over 5 million merchants in Cambodia and Malaysia, mostly small businesses, to access a wider customer base from both countries," Bank Negara Malaysia and the National Bank of Cambodia (NBC) said in a joint statement.
Speaking at the launching event held in the capital Phnom Penh, NBC governor Chea Sereysaid under this project, the people of both countries will be able to make their cross-border payments via Cambodia's Bakong app or Maybank M2U KH app and Malaysia's PayNet's DuitNow QR.
"The first phase of this connectivity will allow Cambodian visitors to enjoy a more efficient and secure payment experience by using their Bakong app or M2U KH app to scan and pay at over 2 million merchants displaying PayNet's DuitNow QR, Malaysia's national QR code payment system, in Khmer Riel as the primary transaction currency," she said.
"In the next phase, individuals in Malaysia will be able to use the mobile banking applications of participating commercial banks to scan KHQR Codes displayed by merchants in Cambodia," she added.
Vietnam, Indonesia, Malaysia, Thailand, the Philippines and Singapore have already been working to connect each of their payment systems, including using the QR code system for retail transactions.