The Cambodian central bank’s Soramitsu-backed digital payment system is continuing to expand.
The National Bank of Cambodia (NBC) has launched the Bakong Tourists app to extend visitors’ payment options through its blockchain-based Bakong payment system. The app will work within the Chinese UnionPay system and in Thailand, Vietnam and Laos, in addition to Cambodia.
There are only 55,000 point-of-sale (PoS) systems in Cambodia, a country with a population of 16.8 million. Credit cards cannot be used without a PoS, and there are only 5,600 ATMs in the country to provide cash. The Bakong app allows users to make purchases with QR codes at 3.3 million locations.
In addition to purchases, Bakong Tourists allows users to send and receive money, deposit funds into their bank accounts, track transactions and convert funds between US dollars and Cambodian riels. Bakong Tourists users will have a spending limit of $500 a day, which can be raised to $3,000 after the user undergoes Know Your Customer verification, which requires a photo and copy of the user’s passport.
