Digital Payments Via Bakong Reach USD 54.8B In First Half Of 2024
The National Bank of Cambodia (NBC) has reported an increase in Bakong Payment System transactions, both Khmer Riel (KHR) and US Dollars (USD), in the first half of 2024, totaling approximately USD 54.8 billion across 175.3 million transactions.
The NBC say the Bakong Payment System has been delivering greater functionality with more versatility for users, increasing its popularity, fostering greater financial inclusion and helping to enhance Cambodia's global image.
Bakong Transactions During the First Half of 2024
Digital payments made in both KHR and USD through Bakong have increased according to the NBC, although KHR transactions remain lower in both volume and value.
- Bakong transactions denominated in Cambodian riel (Bakong KHR) reached 75.5 million, a 180 per cent growth compared to the same period in 2023, amounting to KHR 64.9 trillion or approximately USD 16.2 billion (up 140 per cent).
- Bakong transactions denominated in US dollars (Bakong USD) reached 99.8 million (a 130 per cent increase), amounting to USD 38.8 billion, a growth of 130 per cent.
By the end of 2023, 200.93 million transactions had been made through the Bakong system (more than five times that in 2022), with 68.79 million of those transactions made in KHR and 132.14 million made in USD, according to the NBC's 2023 report.
The report added that the value of payments in KHR was about 81.05 trillion (3.4 times the amount in 2022) and in USD was about 53.76 billion (2.4 times the amount in 2022).
The Cambodian government is also set to introduce a digital payment system for tourists on the soon-to-be-released 'Bakong Tourists App', which is currently available to download, but only in ‘soft launch’ status.
The NBC says the official launch of the application is soon to come, but once implemented, tourists should be able to top up their Bakong wallets at hotels, restaurants, and at airport immigration. Users should also be able to top up via the app itself by linking to a credit card.