Malaysia, Cambodia launch cross-border QR payment linkage

The initiative’s first phase has concluded as of 19 September.

Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have launched a cross-border QR payment linkage between Cambodia and Malaysia.

The initiative will be rolled out in two phases, with the end of the first phase completed on 19 September 2024.

Consumers and merchants from Cambodia can make instant retail payments in Malaysia by scanning DuitNow QR codes displayed by merchants using their mobile payment applications– the Bakong app and Maybank M2U KH app.

In the next phase of the linkage, users in Malaysia traveling to Cambodia will also be able to pay their purchases seamlessly to Cambodian merchants by scanning KhmerQR (KHQR) using the mobile payment applications of participating financial institutions.

The project commenced after the memorandum of understanding was inked between BNM and NBC in February 2024.

The QR payment linkage initiative is expected to enable over five million merchants in Cambodia and Malaysia, mostly small businesses, to access a wider customer base from both countries.