Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian-Thai QR code payments soaring: ACLEDA

Cambodian-Thai QR code payments soaring: ACLEDA

In Channy, president and group managing director of ACLEDA Bank Plc
In Channy, president and group managing director of ACLEDA Bank Plc. ACLEDA

Cambodian-Thai QR code payments soaring: ACLEDA

Cambodia-Thailand cross-border QR (Quick Response) code transactions have risen significantly since the central banks launched their transnational QR code payment system in 2020.

In Channy, president and group managing director of ACLEDA Bank Plc, one of the system’s participants, made the remark while speaking to reporters after the lender penned an agreement with Credit Bureau (Cambodia) Co Ltd (CBC) on a financial health check service for the “ACLEDA mobile” app.

The National Bank of Cambodia (NBC) and Bank of Thailand (BoT) on June 6 formally rolled out Phase II of the QR code payment system, 1,204 days after the launch of the first phase on February 18, 2020.

The system currently enables KHQR payments to 7.6 million merchants in Thailand and ThaiQR payments to 1.5 million merchants in Cambodia, according to a statement posted on NBC deputy governor Chea Serey’s official Facebook page on June 6. KHQR and ThaiQR are universal QR code standards for retail payments in Cambodia and Thailand, respectively.

Channy noted that the system allows ACLEDA mobile users to make up to the equivalent of 52 million riel ($12,600) in payments each day to Thai merchants, through an unlimited number of transactions.

Between February 2020 and May 2023, ACLEDA mobile users made 9,555 transactions to the tune of 27 million baht ($775,000) through the system, he revealed.

He also shared that Bakong, the blockchain-based nationwide payment system, now boasts 48 members.

On July 3, 2022, the NBC formally launched the KHQR system – following a pilot run – which the central bank states was designed for cross-border retail payments within ASEAN.

Meanwhile, the central bank reaffirmed in its Annual Supervision Report 2022 that e-payment trends in Cambodia have greatly consolidated in recent years as more and more people switched from cash-based to digital transaction options.

By end-2022, “the number of registered e-wallet account[s] increased to 19.5 million and the total number of transactions jumped from 708 million to one billion with a total amount of $272.8 billion (increased by 34 per cent), approximately nine times the gross domestic product (GDP)”, the report said.

The report also highlighted a few of the several recent initiatives to enhance cross-border payment mechanisms and schemes with neighbouring countries.

“After a successful cooperation with the Bank of Thailand, the NBC has been working with the Bank of [the] Lao PDR and the State Bank of Vietnam to connect with payment systems of the countries, aiming at making cross-border payment more convenient, faster, safer, and inclusive,” it said.


  • Ministry taking steps over Thai ‘replica’ of Angkor Wat

    The Ministry of Culture and Fine Arts has dispatched experts to inspect the ongoing construction of a temple in Wat Phu Man Fah, located in Thailand’s Buriram province. This temple appears to be a replica of Cambodia’s renowned Angkor Wat. The ministry said

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • PM to open new Siem Reap int’l airport December 1

    Prime Minister Hun Manet and Chinese leaders would jointly participate in the official opening of the new Chinese-invested Siem Reap-Angkor International Airport on December 1. The airport symbolises a new page in the history of Cambodian aviation, which will be able to welcome long-distance flights to

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Minimum wage set at $204, after Sep 28 vote

    The minimum wage for factory workers in the garment, footwear and travel goods industries for 2024 has been decided at $204 per month, with the government contributing $2. Following several negotiation sessions, the tripartite talks reached an agreement during a September 28 vote, with 46 of 51 votes supporting the $202 figure.

  • Thavisin touches down in Phnom Penh for first official visit to an ASEAN member state

    Thailand's newly appointed prime minister Srettha Thavisin has arrived in Cambodia for a one-day visit. The trip marks his first visit to an ASEAN country since taking office and aims to enhance bilateral trade and investment. According to the agenda, Thavisin is scheduled to hold