Phnom Penh, Aug 29 (IANS): Cambodia and South Korea on Thursday launched cross-border QR code payments, enabling people of both countries to scan QR codes for making their payments.

Speaking at the launch event held in the Cambodian capital Phnom Penh, Chea Serey, Governor of the National Bank of Cambodia (NBC), said that under this project, people of both countries will be able to make their payments via Cambodia's Bakong KHQR and South Korea's Jeonbuk Bank mobile banking app.

"Following this launch ceremony, visitors from the Republic of Korea, particularly users of the Jeonbuk Bank mobile application, will be able to use and scan QR codes in Cambodia to complete their payments," she said.

"In the next phase, Cambodian residents will be enabled to use local wallets at Jeonbuk Bank QR code accepting merchants in the Republic of Korea," she added.

Serey is confident that introducing cross-border QR code payments between Cambodia and South Korea will elevate financial cooperation by leveraging technology to benefit the citizens of both countries, Xinhua news agency reported.

"In addition, the collaboration will substantially contribute to the promotion of trade activities, tourism, and financial inclusion," she said.

The Governor added that one of NBC's key priorities is to enhance and modernise the cross-border payments.

Apart from South Korea, Cambodia has successfully launched bilateral cross-border QR code payment cooperation with four other partner countries -- Thailand, Vietnam, Laos, and China, she said.