Saturday, August 24, 2024 The National Bank of Cambodia (NBC) has introduced a cutting-edge mobile payment system aimed at enhancing the travel experience for tourists in the country. This new platform, known as the Bakong Tourists payment system, is built on Cambodia’s central bank digital currency (CBDC) infrastructure and is designed to facilitate transactions for visitors while promoting the use of the local currency, the Cambodian riel. The NBC’s initiative is part of a broader effort to reduce the dollarization of Cambodia’s economy by encouraging the use of its national currency.
The Bakong app has been integrated into a vast network of 3.3 million locations across the country, including popular tourist areas in Phnom Penh and Siem Reap. NBC Governor Chea Serey emphasized the convenience this brings to tourists, noting that even small and street vendors in these regions now accept QR code payments via the app.
To ensure widespread adoption, the NBC has partnered with commercial banks, airport management companies, and tourism operators to promote the Bakong Tourists app. Tourists can easily download the app on their iOS or Android devices, and after a simple email verification process, they can use the app to make payments. For those requiring higher spending limits, a more thorough Know Your Customer (KYC) process involving verification through hotels or tourism agents allows daily transactions of up to 12 million riels (approximately $3,000).
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