NPCI International Payments Limited (NIPL) and ACLEDA Bank Plc have launched UPI acceptance in Cambodia, significantly expanding India’s digital payments presence into Southeast Asia.
Travellers, companies, and merchants in both Cambodia and India may anticipate streamlined cross-border transactions thanks to this launch, which is a major step in improving digital financial connection between the two nations. The relationship was officially launched in Phnom Penh with the presence of senior officials from both nations, including Chea Serey, Governor of the National Bank of Cambodia, and representatives from the Reserve Bank of India (RBI), according to an official release.
This launch concludes the first stage of a cross-border QR payment linkage between Cambodia and India, which makes use of Bakong’s KHQR, the national QR code foundation of Cambodia.
Travellers from India can skip exchanging money and enjoy a hassle-free QR code payment experience throughout Cambodia with their UPI-enabled apps in the first phase. With the recently opened payment corridor, tourists from India can now shop at more than 4.5 million merchants in Cambodia.
By facilitating payments using well-known digital platforms already extensively utilised in India, the program aims to streamline spending for Indian tourists and business visitors.
Scan the KHQR codes shown at participating merchant outlets to pay immediately using approved UPI applications. Current efforts centre on making UPI available to Indian tourists in Cambodia, but the long-term goal of the collaboration is to create a completely interoperable two-way payment system.
Cambodian nationals visiting India will soon be able to utilise their mobile banking apps and the Bakong KHQR system to pay at any of the millions of UPI QR code kiosks around the country.
With this change, the two nations’ payment ecosystems will be fully integrated, which will boost digital commerce and financial integration.
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