The initiative was officially launched in Phnom Penh with the participation of Chea Serey, Governor of the National Bank of Cambodia, alongside delegates from the Reserve Bank of India. This unveiling represents the initial phase of a bilateral QR-based payment interoperability agreement between India and Cambodia.
In this first phase, Indian travelers can utilize UPI-enabled applications to scan KHQR codes at over 4.5 million merchant locations throughout Cambodia, which include shops, restaurants, and popular tourist sites. The transactions are facilitated through instantaneous QR-based payments, enabling users to pay in the local currency via their existing UPI apps.
Future phases of the arrangement aim to allow Cambodian travelers in India to execute payments at UPI QR-enabled merchant sites using Cambodian banking or payment applications, thus creating a reciprocal interoperable payment channel.
KHQR, Cambodia’s interoperable QR standard, serves as the acceptance layer for this integration. The initiative is designed to enhance the efficiency of cross-border payments, decrease cash dependency, and support real-time settlement for both merchants and travelers.
Ritesh Shukla, MD & CEO of NPCI International, remarked that the collaboration extends India’s digital payments ecosystem globally and provides seamless and familiar payment experiences for Indian users abroad, while also increasing access to digital consumers for Cambodian merchants.
ACLEDA Bank Plc. noted that this integration aligns with its wider digital transformation goals and is anticipated to enhance transaction efficiency, minimize currency exchange issues for travelers, and broaden merchant access to cross-border digital payments.
