The National Bank of Cambodia (NBC) introduces a universal QR code to standardize and promote mobile retail payments. National Bank of Cambodia (NBC), along with Cambodia’s Ministry of Economy and Finance, has rolled out a universal quick response law payment system, KHQR, to standardize and promote the use of mobile retail payments in the country.
Rather than each mobile banking app having its own QR law at checkout, the new KHQR law system would help businesses to accept digital payment from druggies of any sharing bank through a single QR law.
NBC’s deputy governor and director-general, Chea Serey, said that the KHQR system will come as a catalyst for promoting the wider and further effective use of the single QR law payment service in Cambodia.
“We also intend to grease cross-border payments to indigenous countries,” she added.
The new system allows guests of one bank to check up the QR Code of another bank, as long as those banks are members of the KHQR system.
“Consumers can overlook the KHQR canons generated by merchandisers via the each – by one mobile payment app Bakong or other supported apps and vice versa for deals in Cambodian riels and US bones,” Serey said.
Pointing out that earlier it was confusing for merchandisers to support multitudinous different QR canons, Serey added that the move will now reduce “the mess and grease an easy, secure and fast payment”.
While consumers can still choose to pay using a banking app, on surveying a KHQR law, the payment backend will now go via the peer-to-peer payment systems similar to Bakong, she said. Talking on DBS Bank’s YouTube channel lately, Serey explained the functional difficulties that led to the setting up of the Bakong app.
As the country doesn’t have a real-time gross agreement( RTGS) system, NBC had to clear interbank payments doubly a day, she said.
“We were keen to give interoperability between the mobile apps of non-bank payment service providers.
We didn’t want to include them in the central bank clearing because that would be too onerous for the low-cost providers. Hence a peer-to-peer payment system similar to Bakong provides a result and removes the walls between banks and non-bank payment providers,” she added.
NBC said it had enforced the QR law specialized quantitative model to give the base for organizing KHQ coordinates to integrate indigenous payments and contribute to the cross-institutional operation.
Presently, 37 banking and financial institutions have shared in the KHQR law payment service, and 29 of them have successfully run it across,000 shops in the country. In the future, she said NBC plans to integrate regionally with other countries and use Bakong system for advanced-value payments as well.
