In December 2025, NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India, signed a Memorandum of Understanding (MoU) with ACLEDA Bank Plc., the first publicly listed commercial bank in Cambodia. This agreement aims to facilitate Quick Response (QR)-based cross-border transactions between India and Cambodia.
This strategic partnership marks a significant advancement towards regional payment interoperability. It aligns with the Association of Southeast Asian Nations (ASEAN) vision of fostering inclusive digital economies and promoting financial innovation in digital payments.
In March 2023, the National Bank of Cambodia (NBC) had previously signed a MoU with NIPL to facilitate cross-border payments between the two nations. Subsequently, in May 2023, the NBC selected ACLEDA Bank Plc. as the sponsoring bank responsible for collaborating with NIPL to develop the QR payment systems.
NPCI International has been actively expanding the global footprint of the Unified Payments Interface (UPI) through collaborations with several international payment leaders. These partnerships include entities such as BENEFIT in Bahrain, PayPal globally, Razorpay Curlec in Malaysia, NTT in Japan, and Magnati in the UAE.
This Service Agreement outlines the technical and operational framework for integrating NPCI’s UPI network with ACLEDA Bank’s KHQR ecosystem. According to the MoU, ACLEDA Bank will operate Cambodia’s national Quick Response (QR) network, Bakong (KHQR), as mandated by the NBC. This collaboration will enable UPI acceptance in Cambodia and KHQR acceptance in India.
The expected launch of QR-based cross-border payments will greatly benefit travelers from both India and Cambodia. Indian tourists in Cambodia will be able to use their UPI-enabled applications to make transactions effortlessly at over 4.5 million KHQR merchant touchpoints, including tourist attractions, restaurants, and retail outlets.
This collaboration will ensure secure and interoperable payment systems through UPI and KHQR apps, thus supporting businesses in both countries and enhancing consumer convenience.
Q1. What is the purpose of the MoU between NIPL and ACLEDA Bank?
Answer: The MoU aims to facilitate QR-based cross-border transactions between India and Cambodia, enhancing digital payment interoperability.
Q2. When is the expected launch of the QR payment system?
Answer: The QR-based cross-border payment system is expected to launch in Semester 2 of 2026.
Q3. What role does ACLEDA Bank play in this partnership?
Answer: ACLEDA Bank will operate Cambodia’s national Quick Response (QR) network and collaborate with NIPL to enable UPI acceptance across Cambodia.
Q4. How will this MoU benefit travelers?
Answer: It will allow Indian tourists in Cambodia to make seamless QR code-based transactions at various merchant locations using their UPI-enabled apps.
Q5. What is the significance of this partnership for the ASEAN region?
Answer: This partnership aligns with ASEAN’s vision of promoting inclusive digital economies and enhancing financial innovation within the region.
Question 1: What is the main objective of the MoU between NIPL and ACLEDA Bank?
A) To facilitate QR-based payments in India
B) To enable cross-border transactions between India and Cambodia
C) To establish a new bank in Cambodia
D) To increase tourism in India
Correct Answer: B
Question 2: When is the anticipated launch of the QR payment system?
A) Semester 1 of 2026
B) Semester 2 of 2026
C) January 2025
D) December 2025
Correct Answer: B
Question 3: Who will operate Cambodia's national QR network?
A) NIPL
B) National Bank of Cambodia
C) ACLEDA Bank
D) NPCI
Correct Answer: C
Question 4: How many merchant touchpoints will be available for Indian tourists in Cambodia?
A) 1 million
B) 2 million
C) 4.5 million
D) 5 million
Correct Answer: C
Question 5: What is the significance of the partnership for ASEAN's digital economy?
A) It has no significance
B) It promotes financial innovation
C) It reduces tourism
D) It increases bank fees
Correct Answer: B
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