The official launch took place in Phnom Penh, officiated by Chea Serey, Governor of the National Bank of Cambodia, alongside representatives from the Reserve Bank of India. This event marks the initial phase of a bilateral QR payment interoperability initiative between India and Cambodia.
During this first phase, Indian tourists can utilize UPI-enabled applications to scan KHQR codes at over 4.5 million merchant locations throughout Cambodia, which include retail shops, dining establishments, and tourist attractions. Transactions are processed via real-time QR-based payments, enabling users to pay in local currency using their existing UPI apps.
In the upcoming phase, the initiative aims to expand to allow Cambodian travelers in India to make payments at UPI QR-enabled merchant sites using Cambodian banking or payment applications, creating a reciprocal payment avenue.
KHQR, the interoperable QR standard of Cambodia, serves as the acceptance layer for this integration. This initiative aims to enhance the efficiency of cross-border payments, lessen the dependence on cash, and facilitate real-time settlements for both merchants and travelers.
Ritesh Shukla, MD & CEO of NPCI International, stated that this collaboration broadens India’s digital payments landscape on a global scale, ensuring effortless and familiar payment experiences for Indian users abroad, while also enhancing digital accessibility for Cambodian merchants.
ACLEDA Bank Plc. emphasized that this integration aligns with its broader digital transformation strategy, aiming to enhance transaction efficiency, minimize currency friction for travelers, and increase merchant access to international digital payments.
