NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has officially partnered with ACLEDA Bank Plc. to launch Unified Payments Interface (UPI) acceptance in Cambodia
The collaboration went live following a formal ceremony in Phnom Penh, attended by H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC), 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 India and Cambodia through Bakong's KHQR, Cambodia's national QR code
Phase 1 enables millions of Indian travellers to make seamless QR payments at over 4.5 million Cambodian merchants
A two-way payment corridor is planned to follow the initial phase
The subsequent phase will make the corridor fully bi-directional, allowing Cambodian citizens visiting India to use their domestic banking and digital payment applications to scan UPI QR codes in India
The system creates a highly advanced, two-way interoperable financial network through Bakong's KHQR
Benefits highlighted: Enhanced traveler convenience by eliminating physical currency exchange and carrying large amounts of cash; Economic boost for local merchants through access to Indian visitor demographic; Operational efficiency with optimized cash management and secure, real-time transaction settlements
UPI is now accepted in nine countries: Singapore, United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka, and now Cambodia
