Indian tourists can now use UPI in Cambodia
What's the story
NPCI International Payments Limited (NIPL), the global arm of India's National Payments Corporation (NPCI), has partnered with ACLEDA Bank Plc., Cambodia's first publicly listed commercial bank. The alliance will enable cross-border QR code payments between India and Cambodia. The collaboration is expected to benefit businesses by providing more digital payment options for consumers while making it easier for travelers.
Payment convenience
Partnership to facilitate seamless payments for travelers
Under the partnership, ACLEDA Bank, which runs Cambodia's national QR network Bakong (KHQR), will work with NIPL. This will enable Indian travelers in Cambodia to make payments at over 4.5 million KHQR merchant touchpoints using Unified Payments Interface (UPI)-enabled apps. Similarly, Cambodian travelers in India can scan over 709 million UPI QR codes with their Cambodian payment apps for transactions.
Business benefits
Partnership aims to enhance digital payment options
The partnership between NIPL and ACLEDA Bank is expected to enhance digital payment options for businesses and consumers alike. Ritesh Shukla, MD & CEO of NPCI International, said the collaboration strengthens digital payment corridors and allows consumers to use trusted and familiar payment options while traveling. In Channy, President & Group Managing Director of ACLEDA Bank, also emphasized that the agreement supports fast, affordable cross-border payments while fostering financial innovation in line with ASEAN's vision.
Global expansion
NIPL's role in expanding India's payment systems globally
Founded in 2020, NIPL takes India's real-time payment system UPI and card scheme RuPay to other countries. The company provides technology support, licensing, and advisory services to countries looking to set up their own domestic payment systems. ACLEDA Bank has total assets of $11.94 billion and over 6.18 million customers across Cambodia, Myanmar, and Laos. It serves over 5.35 million mobile app users through its ACLEDA Super App.