Cambodia and Laos launched the first phase of cross-border QR code payments between the two neighbors on Friday, which will allow Cambodian travelers to shop in Laos using their local currency Riel, said National Bank of Cambodia in a statement.

Chea Serey, governor of the central bank, and Bounleua Sinxayvoravong, governor of the Lao central bank, the Bank of the Lao P.D.R., jointly presided over the launching event held in Vientiane, capital of Laos, the statement said.

"The first phase of the project allows Cambodians, who have bank accounts in their local currency Riel, to use mobile banking application to make payments via scanning LAO QR Code with merchants or shops in Laos," it said.

"This project will promote the usage of national currency, boost economic growth, tourism and cross-border trade between Cambodia and Laos," it added.

According to the statement, in the second phase of the project, Lao people who have bank accounts in their local currency Kip will be able to pay for goods or services through mobile banking application by scanning KHQR code with merchants or shops in Cambodia.

Besides Laos, Cambodia has also had cross-border QR code payment cooperation with its neighboring country Thailand.