Wing Bank Supports Bakong Tourist App, Driving Tourism Growth In Cambodia
To cash in, cash out, and verify identity on Bakong Tourist App, tourists can visit Wing Outlet at Phnom Penh International Airport and its agents in Siem Reap.
Wing Bank (Cambodia) Plc fully endorses the National Bank of Cambodia’s unveiling of the Bakong Tourist App, a forward-thinking solution that empowers foreign visitors to make secure digital payments with ease during their stay in Cambodia, enhancing both convenience and the overall travel experience.
Hor Bunthe, Deputy CEO of Wing Bank, said, “This transformative initiative enables foreign tourists to embrace a versatile lifestyle during their Cambodian visit, with cashless payments eliminating concerns about carrying cash or dealing with damaged or old banknotes.”
Currently, most tourists rely on a mix of cards and cash, which can be inconvenient due to limited acceptance points and the potential rejection of worn or damaged cash notes. However, Cambodia’s extensive network of KHQR code payment points, approximately 3.3 million locations through Bakong Backbone, including small stalls, along with Wing Bank’s network of 165,000 merchants, will enhance the payment experience for tourists using the new Bakong tourist app.
Upon arriving in Cambodia, foreign tourists can download the Bakong Tourist App from the App Store or Play Store and complete registration using their email.
Wing Bank also has a outlet at Phnom Penh International Airport, located just in front of the arrival gate, to assist tourists with the identification verification process known as Know Your Customer (KYC) and help them make their initial deposit into the app upon their arrival in Cambodia. The Wing Cash Express agents in Siem Reap can also assist with this process.
Initially capped at USD 500 equivalent per day, Bakong Tourist users can elevate their spending limit to $3,000 equivalent after KYC verification, which requires a user photo and a copy of their passport.
“With over 3.3 million KHQR acceptance points compared to 55,000 POS terminals, making payments in Cambodia is now more convenient for tourists,” H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia wrote on her personal LinkedIn account.
The Central Bank expects the Bakong Tourist App to greatly boost the tourism sector amid rising international tourist arrivals.
The Ministry of Tourism reported a substantial uptick in international visitors to the Kingdom, with 3.16 million tourists in the first half of this year, marking an almost 23% surge from the same period last year.
Bakong, the national payment gateway introduced by the National Bank of Cambodia, leverages blockchain technology and open APIs to enhance interoperability among various local financial institutions.
With 70 members in the financial sector, 49 of which are actively operating, Bakong has become a crucial platform for facilitating secure and efficient financial transactions.
Khmer Riel transactions in the Bakong payment system totaled 75.5 million, with a transacted amount of 64.9 trillion riel by the end of the first semester this year. Meanwhile, US dollar transactions reached 99.8 million, totaling USD 38.8 billion.
This initiative enhances convenience, efficiency, and innovation in Cambodia's tourism sector, setting a promising precedent for the future while driving economic growth and visitor satisfaction.
Read More On Wing Bank:
- Win A 24k Gold Bar Through Wing Bank’s ‘Gold Bar Racing’ Season 3 Competition.
- Wing Bank Sign MOU With SERC For Investor ID Online Payment.