RELEASE: UnionPay International Signs MOU with Central Bank of Cambodia

Cambodians visiting China will be able to make UnionPay QR payments with e-wallets from home.

RELEASE: UnionPay International Signs MOU with Central Bank of Cambodia

Cambodians visiting China will be able to make UnionPay QR payments with e-wallets from home

SHANGHAI, July 10, 2023/PRNewswire/ -- Today, UnionPay International (UPI) and the National Bank of Cambodia have signed a Memorandum of Understanding in Phnom Penh, the capital of Cambodia. Both parties agree to promote the interoperability of QR codes to better support residents of both countries in cross-border mobile payment. With this collaboration, Cambodian residents will be able to make e-wallet payments from their home country on UnionPay's global QR network, which includes China, thus satisfying their need for mobile payment when visiting China or elsewhere. UnionPay payment information will be embedded in the Cambodian QR so that local merchants of the QR can also accept payments from the UnionPay App and mainland Chinese banking apps connected to the UnionPay App network payment platform.

With the acceptance of more than 90% of Cambodian merchants and hundreds of thousands of cards issued by major local banks such as ABA, ACLEDA and Canadia, UnionPay has become a preferred payment tool for residents of the country. In the MoU signed today, UPI and the central bank of Cambodia agree to integrate UnionPay's mobile payment services into the e-wallets of Bakong, Cambodia's national mobile payment system. In the future, Cambodian residents will be able to easily use Bakong members' payment apps to make payments in Cambodia, China, and for cross-border purchases.

The two parties also agree to jointly promote the integration of UnionPay payment information into Cambodia's national QR, known as KHQR, to enable acceptance of UnionPay wallets at KHQR merchants. Developed with the support of the National Bank of Cambodia, KHQR has achieved full acceptance coverage in the country. Enabling UnionPay QR will significantly improve the mobile payment experience for UnionPay cardholders visiting Cambodia.

In recent years, UPI has intensified its localization and digitization efforts to offer quality payment services to more customers outside of mainland China. At present, more than 200 million UnionPay cards have been issued in 78 countries and regions outside of mainland China, and these cards can be used at almost all POS terminals and ATMs in mainland China. In line with the changes in consumer payment habits, more than 170 UnionPay standard e-wallets have been implemented in more than 30 countries and overseas regions. International cardholders can make QR or NFC payments in mainland China directly with familiar tools, without the need for a new bank account or app.

With the gradual recovery of cross-border traffic, UPI has also fully collaborated with QR code networks in South Korea, Sri Lanka, Vietnam, Malaysia and other countries through innovative solutions such as network bonding and payment integration, which allow mutual acceptance. These collaborations allow Chinese tourists to pay with UnionPay wallets at QR merchants in these countries, while enabling rapid acceptance of international wallets at UnionPay's global QR merchants, significantly improving the payment experience for visitors. from China and the rest of the world.

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