Logo of Phnom Penh Post newspaper Phnom Penh Post - KHQR code system a hit among youth: NBC

KHQR code system a hit among youth: NBC

Content image - Phnom Penh Post
NBC assistant governor and director-general Chea Serey speaks at the inauguration ceremony for the KHQR code system on July 4. SUPPLIED

KHQR code system a hit among youth: NBC

The National Bank of Cambodia (NBC) officially launched the KHQR system, following a pilot run, to facilitate cross-bank payments and encouraged businesses and consumers to take advantage of this achievement to drive financial technology innovations in the banking and finance sector.

KHQR is a universal quick response (QR) code system created for retail payments in the Kingdom and cross-border payments within the ASEAN bloc, according to the central bank.

Speaking at the inauguration ceremony of KHQR on July 4, NBC assistant governor and director-general Chea Serey reflected on the emergence of new QR code-powered payment methods on the market.

She said QR code solutions have grown rapidly amid Covid-19, gaining popularity especially among young people who are able to adapt to new technologies, seeing that they are fast, easy and safe.

Serey said QR code payments have also helped to improve the financial environment in line with the National Strategy on Financial Environment 2019-2025 and the approaches outlined in the Cambodia Digital Economy and Society Policy Framework 2021-2035.

Although QR code payments greatly support and facilitate digital payment transactions, there have been significant challenges.

“To address these challenges, the NBC collaborated with the Association of Banks in Cambodia [ABC] and other stakeholders on June 26, 2020, to prepare and launch a prakas on the use of KHQR codes.

“This would provide the basis for the preparation of KHQR codes for domestic payments to be orderly and secure, and facilitate cross-bank transactions using KHQR codes across financial institutions for customers while enabling Cambodia to integrate with regional payment systems,” Serey said.

Sok Voeun, ABC board member and chairman of the Microfinance Association of Cambodia, said the KHQR system has contributed significantly to the development and modernisation of payment systems in Cambodia to facilitate payments.

According to an NBC report, 37 banking and financial institutions who are members of the NBC’s Bakong payment app, participated in the development of KHQR.

Of those, 29 institutions successfully launched a trial run for the KHQR payment for goods with 230,000 merchant stores across the country.

“In recent years, we have seen a significant increase in digital payments, especially through the Bakong system. To continue contributing to the development and modernisation of payment systems in Cambodia, especially in the facilitation of payments for the public, I would like to encourage banking and financial institutions that have not yet added KHQR functionality to integrate it into their QR code systems,” he said.

In its 2021 Financial Stability Review, the NBC noted that electronic payment transactions worth 415.5 trillion riel ($102 billion) were made nationwide last year.

This marked an increase of 34.5 per cent year-on-year, as the number of e-wallet accounts reached 13.6 million, representing more than 80 per cent of the total population.


  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Manet calls for Cambodia’s railways to get back on track

    Prime Minister Hun Manet has instructed the relevant authorities to expedite studies into upgrades to the Phnom Penh to Preah Sihanouk railway line. He suggested that the maximum speed on the line should be increased to 80km/h, in order to expedite the transportation of