In December 2025, NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India (NPCI), signed a Memorandum of Understanding (MoU) with ACLEDA Bank Plc., the 1st publicly listed commercial bank in Cambodia, to enable Quick Response (QR)-based cross border transactions between India and Cambodia.
- This strategic partnership represents a major step towards regional payment interoperability, aligning with Association of Southeast Asian Nations (ASEAN)’s vision of supporting inclusive digital economies and promoting financial innovation in digital payments.
Exam Hints:
- What? MoU Signed
- Entities: NIPL(India) and ACLEDA Bank Plc. (Cambodia)
- Purpose: To enable QR-based payments via UPI and KHQR
- Operator: ACLEDA Bank
- Launch: Expected Semester 2, 2026
Background:
Agreement: In March 2023, the National Bank of Cambodia (NBC) signed a MoU with NIPL aimed to enable cross-border payments between two countries.
Sponsorship: In May 2023, NBC selected ACLEDA Bank Plc. as a sponsoring bank, who has been tasked to work in close cooperation with NIPL to develop QR payments systems.
Global Partnerships: NPCI International has expanded Unified Payments Interface(UPI’s) global footprint through key collaborations with several international payment leaders, including BENEFIT (Bahrain Electronic Network for Financial Transactions) in Bahrain; PayPal (PayPal Holdings Inc.)(Global), Razorpay Curlec (Razorpay–Curlec Payments Sdn. Bhd.) in Malaysia, NTT (Nippon Telegraph and Telephone Corporation) in Japan, and Magnati (Magnati Payments Solutions LLC) in the United Arab Emirates(UAE).
Key Details of MoU:
Framework: The Service Agreement formalizes the technical and operational structure for integrating NPCI’s UPI network with ACLEDA Bank’s KHQR ecosystem.
Key Functions: As per the MoU, ACLEDA Bank will be the operator for Cambodia’s national Quick Response (QR) network, Bakong (KHQR), by the NBC.
- It will work with NIPL to enable UPI acceptance across Cambodia and KHQR acceptance across India.
- The QR-based cross border payments between two countries is expected to launch in Semester 2 of 2026.
Seamless Transactions: This MoU will enable both Indian and Cambodian travellers to make QR code-based transactions seamlessly across tourist attractions, restaurants, retail outlets, and other establishments.
- For Instance: Indian tourists in Cambodia will use their UPI-enabled applications (apps)to make merchant transactions easily at more than 4.5 million KHQR merchant touch points.
Boost Businesses: This collaboration will ensure secure, interoperable payments through UPI and KHQR apps, supporting business in both countries as well as enhancing convenience for consumers in both markets.
About NPCI International Payments Limited (NIPL):
Managing Director (MD) and Chief Executive Officer (CEO) – Ritesh Shukla
Headquarters- Mumbai, Maharashtra
Established- 2020
