The National Bank of Cambodia (NBC) on Monday launched the KHQR code payment service, the standardised banking QR code, aiming at promoting a wider use of mobile retail payments in the country.

The launching ceremony was held in a hybrid format under the presidency of H.E. Ms. Chea Serey, Director General of NBC’s Central Banking, with 200 participants from the NBC, relevant ministries, and banking and financial institutions.

KHQR has a standardised QR with EMV standard and developed by the NBC. Any mobile application of Bakong members (37 financial institutions) can scan KHQR for payment.

KHQR is a universal quick response (QR) code system created for retail payments in the country, NBC said, adding that it only requires a single QR for receiving payment from any mobile app including the Bakong app.

Users can scan the KHQR codes generated by merchants via Bakong or other supported apps – and vice versa – for transactions in Cambodian Riel and U.S. dollar, NBC said.

“The official launch of KHQR today will contribute to the promotion of innovation and financial technology in the use of banking and financial services with confidence, security, efficiency, and inclusiveness in order to support the Cambodia Digital Government Policy,” H.E. Ms. Chea Serey said.

The country recorded a total of 707 million online payment transactions worth US$113 billion in 2021, up 46.7 percent and 19 percent, respectively, from a year earlier, according to NBC.

Source: Agency Kampuchea Press