New Delhi: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India, has officially partnered with ACLEDA Bank Plc. to launch Unified Payments Interface (UPI) acceptance in Cambodia, according to an official statement issued on Wednesday.
The breakthrough collaboration went live following a formal ceremony in Phnom Penh, attended by Chea Serey, Governor of the National Bank of Cambodia, alongside high-level representatives from the Reserve Bank of India (RBI).
The event marked the completion of Phase 1 in establishing a cross-border QR payment linkage between the two nations through Bakong’s KHQR, Cambodia’s national QR code, the statement said.
The first phase enables millions of Indian travellers to make seamless QR payments at over 4.5 million Cambodian merchants, with a two-way corridor to follow. While the first phase prioritises incoming Indian travellers, the partnership is explicitly designed to scale. In the subsequent phase, the corridor will become fully bi-directional.
Cambodian citizens visiting India will soon be able to use their domestic banking and digital payment applications to scan millions of UPI QR codes throughout India, completing a highly advanced, two-way interoperable financial network through Bakong’s KHQR.
This digital payment corridor represents a major shift in how commerce operates between the two countries, delivering immediate benefits of enhanced traveller convenience by eliminating the friction of physical currency exchange, carrying large amounts of cash, or navigating unfamiliar foreign exchange fees.
It will also give an economic boost to Cambodian businesses, which will gain immediate access to a massive, tech-savvy Indian visitor demographic, driving higher transaction volumes. The local merchants will also experience optimised cash management, lowered overhead costs associated with physical cash handling, and secure, real-time transaction settlements, the statement added.
UPI is already accepted in eight countries – Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar and Sri Lanka – enabling Indian travellers to make seamless payments abroad through familiar platforms. Now, Cambodia is the ninth country joining the list.
(IANS)
