7-6-2023 (BANGKOK) Cambodia and Thailand inaugurated the second phase of cross-border QR code payments on Tuesday, enabling Thai nationals to make purchases in Cambodia using the Thai currency, baht.
The launching event in Phnom Penh was attended by Chea Chanto, governor of the National Bank of Cambodia (NBC), and Sethaput Suthiwartnarueput, visiting governor of the Bank of Thailand, according to a press statement from NBC.
The objective of the cross-border QR code payments is to encourage the use of local currencies, enhance financial inclusion, facilitate cross-border trade, and boost tourism between the two countries, as stated in the press release.
“The first phase of this project, introduced in 2020, allowed Cambodians to make payments for goods or services using mobile banking applications by scanning QR codes at retail merchants in Thailand, and vice versa. The second phase, commencing on June 6, 2023, enables Thai nationals to shop in Cambodia using baht,” the statement explained.
Since 2018, the central banks of both neighboring countries have collaborated on developing a QR code payment application that permits individuals to make purchases in each other’s countries using their own currency.
With the app, Cambodians will be able to use the Cambodian riel to buy products in Thailand, while Thai visitors in Cambodia will have the option to pay in baht. Users of the QR code payment system must possess a local currency bank account.
Official figures from Cambodia reveal that there are currently over 1 million Cambodian migrant workers in Thailand, while more than 424,000 Thais visited Cambodia during the first quarter of 2023.
