Cambodia Launches Universal QR Code Payment System

NBC (National Bank of Cambodia) has reportedly launched a new universal QR code payment system to promote the wider use of mobile retail payments, enhance efficiency, and facilitate cross-border payments in the future.

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The "KHQR" is a universal QR code system created for retail payments in Cambodia. It is supported by NBC's "Bakong" payments app – an all-in-one mobile payment and banking app launched in 2020.

With the new system, users can scan KHQR codes generated by merchants via the Bakong payment app or other supported apps – and vice versa – for transactions in Cambodian riels and US dollars.

The new system allows businesses to using only a single QR code to receive payments from any mobile app, including the Bakong app, instead of multiple separate QR codes from financial companies and merchants.

NBC expects the KHQR system to strengthen and make local payments easy, safe and fast. "KHQR is another new system in the Bakong system that adds convenience to payment with QR Code," the central bank said.

NBC intends to use the newly launched KHQR system to facilitate cross-border payments to regional countries in the near future.

"After Cambodia has such a common national standard, in the future, if we want to integrate regionally with our neighbours, we can use this one common standard," said NBC deputy governor Chea Serey.

"All over Cambodia and banks across partner countries can easily use the same QR Code system."