UnionPay International (UPI), a subsidiary of China’s UnionPay, has partnered with the National Bank of Cambodia to promote QR code interoperability between the two countries. This collaboration aims to enhance cross-border mobile payment support and provide better payment experiences for residents of both countries.
Facts
- UnionPay joins Cambodia’s national QR system: UPI and the National Bank of Cambodia have signed a memorandum of understanding in Phnom Penh to promote QR code interoperability.
- Cross-border mobile payments: The agreement focuses on facilitating cross-border mobile payments for residents of Cambodia and China.
- Global QR network: UnionPay’s global QR network includes China, and now Cambodian residents can make payments with e-wallets in their home country using this network.
- Integration with national payment systems: UnionPay’s payment information and mobile payment services will be integrated into Cambodia’s national QR system (KHQR) and national mobile payment system (Bakong).
- Improved mobile payment experience: KHQR merchants in Cambodia will be able to accept payments from UnionPay-powered wallets and Chinese-mainland banking apps, enhancing the mobile payment experience for UnionPay cardholders visiting Cambodia.
- Expansion of collaborations: Apart from Cambodia, UPI has collaborated with QR code networks in South Korea, Sri Lanka, Vietnam, Malaysia, and Europe to enable mutual payment acceptance and facilitate payments for Chinese tourists.
- Widely accepted payment tool: UnionPay services are accepted by approximately 90% of merchants in Cambodia and are compatible with local banks, including ABA, ACLEDA, and Canadia
