Connect bilateral retail payments using QR Code

(TBTCO) – The State Bank of Vietnam (SBV) and the National Bank of Cambodia have recently coordinated to organize the Announcement Ceremony of bilateral retail payment connection using QR code between Vietnam and Cambodia.

Accordingly, customers of 57 Cambodian banks when coming to Vietnam can scan the VietQR code at payment acceptance points of the first banks to deploy the service, including BIDV and TPBank, to pay from their Cambodian Riel accounts. (KHR) of customers.

Connect bilateral retail payments using QR Code

Governors of the two countries’ central banks successfully experienced QR scanning for cross-border payments between Vietnam and Cambodia. Photo: NP

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In contrast, Vietnamese tourists coming to Cambodia can also use mobile applications of banks including BIDV, Sacombank and TPBank to make payments by scanning QR codes at about 1.8 million payment acceptance points in Cambodia. .

When using cross-border payment services using QR codes, tourists from both countries will enjoy preferential exchange rates instead of converting to a third foreign currency.

In the coming time, Vietnam National Payment Company (NAPAS) will continue to cooperate with Cambodia to expand Vietnamese banks to participate in deploying services to meet the payment needs of tourists from both countries.

VietQR standards

VietQR complies with the Basic Standards for QR codes issued by the State Bank of Vietnam and the QR code payment standards of EMV Co (Global organization managing security specifications).

NAPAS and Lao National Payment Network Company Limited (LAPNET) have signed a Cooperation Agreement on research and pilot implementation of bilateral retail payment connection using QR codes between Vietnam and Laos. Thus, in Southeast Asia alone, NAPAS has implemented payment cooperation outside the territory with 3 important partners including Thailand, Laos, and Cambodia.

Currently, NAPAS has coordinated with banks to deploy NAPAS 247 Quick Transfer service with VietQR code and payment service with VietQR code. In particular, VietQR is the common brand identity for payment and transfer services using QR codes processed through the NAPAS network, member banks, payment intermediaries, and payment partners in Vietnam and Vietnam. NAPAS international./.

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