The National Bank of Cambodia and Bank of the Lao PDR, the central banks of the two countries, recently launched a payment system based on QR codes. The goal of the program is to “promote the usage of national currency, boost economic growth, tourism and cross-border trade between Cambodia and Laos.”
Cambodians traveling in Laos can now make electronic payments to retailers from riel-denominated accounts. In the upcoming second phase of the program, Laotians shopping in Cambodia will be able to pay in kip. For each payment, users will be charged the approximate equivalent of USD 0.024.
Both phases of the program rely on customers using a mobile app to scan QR codes at retailers. Users must also have an account with one of the following banks: Acleda Bank Lao, Agricultural Promotion Bank, Banque Pour Le Commerce Exterieur Lao Public, BIC Bank Lao (formerly International Commercial Bank Lao), Indochina Bank or Joint Development Bank, Kbank Lao, and Lao Viet Bank.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
Khmer Times article
https://www.khmertimeskh.com/501345965/cambodia-laos-launch-khqr-laoqr-cross-border-payments/
Laotian Times article
https://laotiantimes.com/2023/08/21/laos-cambodia-launch-cross-border-qr-code-payment-system/
Bank of the Lao PDR homepage
https://www.bol.gov.la
National Bank of Cambodia homepage
https://www.nbc.gov.kh
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