UPDATE: In a groundbreaking development for cross-border payments, UnionPay International reports that transactions made in Cambodia by Chinese UnionPay-powered wallets have nearly tripled in value from January to July 2025 compared to the previous year. This surge highlights the growing financial synergy between China and Cambodia, driven by recent enhancements in QR payment connectivity.
This remarkable growth follows a Memorandum of Understanding signed by the People’s Bank of China and the National Bank of Cambodia in November 2023, aiming to strengthen payment cooperation and facilitate smoother transactions. The new QR payment linkage, which became fully operational in March 2025, allows users of the Bakong App to make payments at UnionPay merchants globally and access WeChat Pay in mainland China.
The impact is significant: approximately 587,000 Chinese tourists visited Cambodia in the first half of 2025, a 51% increase from the previous year. This influx of visitors is aided by a robust infrastructure where almost all point-of-sale (POS) terminals and 80% of ATMs in Cambodia now accept UnionPay card transactions.
The integration of the national QR standard KHQR into UnionPay’s system has enabled seamless transactions at major sites, including Phnom Penh International Airport and iconic locations like Angkor Wat. As QR payments become increasingly popular, tourists can enjoy a familiar and convenient payment experience while traveling abroad.
UnionPay’s ongoing initiatives are set to expand further, with plans to establish QR payment linkages with local payment switches in 19 countries and regions outside China’s mainland. This expansion will facilitate access for tens of millions of merchants worldwide, enhancing the cross-border payment landscape.
Looking ahead, UnionPay aims to bolster collaborations with local partners to advance interoperability projects, ensuring that consumers benefit from these enhanced payment solutions. As the financial landscape evolves, the focus remains on improving user experiences for both Chinese and Cambodian residents.
Stay tuned for more updates on this developing story as it unfolds.
