The journey to stage an indigenously developed seamless online payment system-- Unified Payment Interface (UPI)-- on a global stage has been going great for the National Payment Corporation of India (NPCI), as its international arm, NPCI International Payments Limited, officially partnered with ACLEDA Bank Plc to launch Unified Payments Interface (UPI) acceptance in Cambodia.
According to an official statement, the payment system will be enabled in phases, for both Indian nationals visiting Southeast Asian nations and Cambodian citizens visiting India.
First Phase Enables Seamless Payment for Indian Tourists
As per the official statement, with the agreement, the first phase has been enabled, allowing millions of Indian travellers to make seamless QR payments at over 4.5 million Cambodian merchants.
The first phase prioritises Indian travel to Cambodia. However, it would be a two-way corridor to follow, as the partnership is explicitly designed to scale, as per the official statement.
Second Phase Takes Cambodian Citizens At Centre
In the second phase, the corridor will become fully bi-directional, and the same will be enabled soon. With this, Cambodian citizens visiting India will be able to do payment to Indian merchants by using their domestic banking and digital payment applications. This enables them to scan millions of UPI QR codes in parts of the nation. Following the roll-out of the second phase, the highly advanced, two-way interoperable financial network through Bakong's KHQR will be completed, according to the statement.
List Of Foreign Countries that Allow UPI Payment
The NPCI has been able to enable UPI in eight countries across many continents so far. The list includes: Nepal, Singapore, the United Arab Emirates (UAE), Bhutan, France, Mauritius, Qatar and Sri Lanka. This enables Indian travellers visiting these countries to make seamless payments through their UPI Apps. Cambodia has become the ninth country to join the list.
What Does Current Development Mean
The collaboration went live in the presence of Chea Serey, Governor of the National Bank of Cambodia (NBC), following a formal ceremony in Phnom Penh. The event was attended by high-level representatives from the Reserve Bank of India (RBI).
The collaboration will create a win-win situation for both Indian travellers and Cambodian merchants--Indian able to pay through their phone app, and Cambodian merchants will have access to real-time payment.