NBC tests new mobile payment app

Tuesday 23 July 2019 10:01 CET | News

The National Bank of Cambodia has announced that it is testing Bakong, a mobile payment application system.

Bakong system is a peer-to-peer fund transfer service available to retail customers of participating banks in Cambodia. The new system will facilitate money transfers and payments (including across national borders), targeting the unbanked and rural areas especially, in a bid to streamline the financial inclusion in the country.

The service is fast, free of charge, available 24/7, and it will allow transfers in KHR or USD. Currently, four financial institutions are included – Acleda Bank, Foreign Trade Bank, Wing Specialised Bank, and Vattanac Bank.

In February 2019, the central banks of Cambodia and Thailand signed a memorandum of understanding to create a payment system based on QR codes, which aims to facilitate cross-border exchanges in local currencies.

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Keywords: NBC, National Bank of Cambodia, mobile payments, Cambodia, Bakong
Countries: World

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