Cambodia’s Bakong App Expands Payment Horizons for Tourists

The National Bank of Cambodia (NBC) has taken a significant step in modernising payment options for visitors with the launch of the Bakong Tourists app. This new offering is part of the broader Bakong payment system, a blockchain-based solution that is set to transform how tourists handle their finances while travelling in Cambodia and neighbouring countries.

Designed to seamlessly integrate with the Chinese UnionPay system, the Bakong Tourists app is not limited to Cambodia alone. It also works in Thailand, Vietnam, and Laos, providing a versatile payment option across multiple borders. This cross-border functionality makes the app particularly appealing for travellers who frequent these countries, as it simplifies transactions and offers a unified payment method that can be used in various locations.

Cambodia, with its population of 16.8 million, faces certain challenges in its financial infrastructure. The country currently has only 55,000 point-of-sale (PoS) systems, which limits the use of credit cards for purchases. Additionally, there are only 5,600 ATMs available nationwide, making access to cash somewhat restricted. The introduction of the Bakong Tourists app addresses these issues by allowing users to make purchases using QR codes at an impressive 3.3 million locations. This vast network provides a much-needed alternative to traditional payment methods, offering tourists greater flexibility and convenience during their stay.

Beyond facilitating purchases, the Bakong Tourists app offers a range of financial services that are particularly useful for travellers. Users can send and receive money, deposit funds into their bank accounts, track their transaction history, and even convert between US dollars and Cambodian riels. This comprehensive suite of services ensures that tourists have full control over their finances while exploring Cambodia and its neighbouring countries.

The app is designed with user security in mind. It imposes a daily spending limit of $500, which can be increased to $3,000 after the user completes a Know Your Customer (KYC) verification process. This verification requires the submission of a photo and a copy of the user’s passport, ensuring that the system remains secure and compliant with international standards.

Getting started with the Bakong Tourists app is straightforward. It is available for download from both the Google Play Store and Apple’s App Store. After downloading, users can register using their email addresses and add funds to their Bakong accounts through various partners, including banks, hotels, and travel agents. This ease of use makes the app accessible to a wide range of tourists, regardless of their level of tech-savviness.

The NBC is not stopping with just the app’s initial launch. According to NBC governor Chea Serey, the bank is actively working to expand the app’s functionality further. Negotiations are underway to link Bakong Tourists accounts with international payment cards through an agreement with an international settlement company. This move would enhance the app’s utility even more, allowing users to connect their Bakong accounts with their existing payment cards, making it easier to manage finances while travelling.

Additionally, the NBC has plans to broaden the app’s reach to more countries. Agreements are expected to be finalised with Malaysia later this August and with South Korea in September. These agreements will enable users from these countries to link their domestic accounts with the Bakong Tourists app, further expanding its usability and appeal to a broader audience.

The launch of the Bakong Tourists app is a timely development in Cambodia’s efforts to modernise its financial infrastructure and cater to the needs of the growing number of tourists visiting the country. With its blockchain foundation, the app offers a secure and efficient way to manage payments, making it a valuable tool for anyone travelling in the region.

As the tourism industry continues to recover and grow post-pandemic, the introduction of such innovative solutions will be key to enhancing the overall travel experience. The Bakong Tourists app not only simplifies transactions but also promotes greater financial inclusion by offering an alternative to traditional banking services that may be less accessible in certain areas.

For Cambodia, this app represents a step forward in aligning the country’s financial services with the needs of modern travellers. It demonstrates the NBC’s commitment to leveraging technology to improve the lives of both locals and visitors, fostering an environment where digital solutions play a central role in economic development.

The expansion of the Bakong Tourists app into neighbouring countries also highlights the potential for regional cooperation in the field of digital finance. By creating a unified payment system that spans multiple countries, the app helps to streamline cross-border transactions and reduce the complexities often associated with travelling in different regions. This not only benefits tourists but also supports local businesses by making it easier for them to attract and serve international customers.

Looking ahead, the success of the Bakong Tourists app could inspire other countries in Southeast Asia and beyond to explore similar digital payment solutions. As more people become accustomed to the convenience and security offered by blockchain-based payment systems, the demand for such services is likely to grow, prompting further innovation and collaboration within the financial sector.

The Bakong Tourists app is more than just a new payment tool; it is a symbol of Cambodia’s progress in adopting modern financial technologies and its commitment to enhancing the visitor experience. By providing a secure, convenient, and versatile payment option that works across multiple countries, the app stands out as a forward-thinking solution that meets the needs of today’s global travellers. As it continues to evolve and expand, the Bakong Tourists app is poised to play a significant role in shaping the future of tourism in Cambodia and the wider region.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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