It aims to boost local currency usage of both the riel and baht.
The National Bank of Cambodia (NBC) and the Bank of Thailand have signed a memorandum of understanding to cooperate in a QR code payment system that will use both Cambodian riel and Thai baht, reports Khmer Times.
The pilot project aims to facilitate retail payment services in Cambodia and between the two countries by avoiding the hassle of converting their money into Cambodian riel or Thai baht before sending it to their planned destinations.
“The MoU aims to support the collaboration on developing interoperability of standard QR code for efficient and secured domestic and cross-border payment transactions as well as to promote usage of local currencies and financial innovation in both countries,” the statement said.
“This system will make it easier for Cambodian businesses to buy Thai goods in Thai baht, and for Thai traders to pay in Khmer riel,” NBC director general Chea Serey said, adding that the system will allow a more convenient payment scheme for tourists and firms whilst also boosting the local currency of Cambodia and Thailand.
In July 2018, the two central banks rolled out the development phase for the QR code-based payment app which will allow citizens of either country to shop in the other country using their homebase currency.
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