Thailand and Cambodia to launch QR code payment system

This will streamline the cross-border fund transfer process.

Thailand and Cambodia’s central banks are working together to roll out a QR code payment system will go public in 2019, reports Phnom Penh Post. 

The system is expected to accelerate the cross-border fund transfer process which would significantly benefit overseas workers.

It would also enable users to avoid the hassle of converting their money into Cambodian riel or Thai baht before sending it to their planned destinations.

“This is another effort to promote the use of riel. [It] will allow Cambodians to use their own currency abroad and will prove to the public that it is internationally recognised,” National Bank of Cambodia (NBC) director-general of central banking Chea Serey told Phnom Penh Post.

The system will only work for users whose bank accounts utilise Cambodian riel, and aims to boost riel usage.