Bank Negara Malaysia and the National Bank of Cambodia have launched the cross-border QR payment linkage between Cambodia and Malaysia which will now permit both consumers and merchants in both countries to make and receive instant cross-border QR payments.
Under the first phase, users from Cambodia can make instant retail payments in Malaysia by scanning DuitNow QR codes displayed by merchants using their mobile payment applications (i.e. Bakong app and Maybank M2U KH app).
This successful launch of the payment linkage is made possible through the strong collaboration of various stakeholders from both countries including the NBC, Payments Network Malaysia Sdn. Bhd. (PayNet), Maybank as the sponsoring and settlement bank as well as participating financial institutions from both countries.
In the next phase of the linkage, users in Malaysia traveling to Cambodia will also be able to pay their purchases seamlessly to Cambodian merchants by scanning KhmerQR (KHQR) using the mobile payment applications of participating financial institutions.
The QR payment linkage initiative will enable over 5 million merchants in Cambodia and Malaysia, mostly small businesses, to access a wider customer base from both countries. More broadly, this will drive trade, boost tourism and promote economic growth in both nations. This milestone also reflects ASEAN’s collective vision and the objectives of the Regional Payment Connectivity initiative, for greater regional financial integration and inclusive economic development.
