NBC Simplifying KHQR Code Payment System to be More Convenient

The National Bank of Cambodia (NBC) is working to enable QR code scanning on both Riel and U.S. dollar currencies, aiming to promote the use of the local currency, Riel, and simplify digital transactions.

Currently, there are two types for customers to make digital transactions by separately scanning KHR KHQR Code in Khmer Riel transactions and in U.S. dollar KHQR code for U.S. transactions.

NBC has worked on the initiative since March this year and asked local banks and microfinance institutions (MFIs) to inform their customers both individuals and merchants to create bank accounts in both KHR and U.S. dollar.

NBC Governor H.E. Mrs. Chea Serey said on Tuesday that the central bank wants to make digital payment transactions to be made through scanning QR code system on only one KHQR Code, which is currently separated in two – KHR KHQR Code and US KHR Code – aiming at promoting the use of Khmer Riel and making it more convenient in payment.

‘The innovative approach will reduce complexities in digital paym
ents, allowing individuals and businesses to make payments more easily and conveniently by simply scanning a QR code in both KHR and U.S. transactions,’ the NBC governor underlined.

Individuals and merchants are required to have accounts in both Riel and U.S. dollar for making payment and receive transactions, so that once the implementation effective, those who have accounts in both currencies will be able to make digital transactions via scanning KHQR code, she added.

Those who have accounts with only one of both currencies will not be able technically to make digital payment by scanning KHQR, H.E. Mrs. Chea Serey said.

Cambodia has successfully launched bilateral cross-border QR code payment cooperation with five partner countries, namely Thailand, Vietnam, Laos, China, and South Korea. Expanding the scope of the payment is to promote the use of the Riel as well as the currency of another country without having to go through the U.S. dollar exchanges.

The central bank is also expanding this cross-borde
r payment scheme with other countries in the region and partners such as Japan, India, Singapore and Malaysia.

Source: Agence Kampuchea Presse