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NBC report strong uptake of Bakong digital transfer system

 

The National Bank of Cambodia (NBC) reported a surge in the use of its Bakong digital payment system in 2024, with over 600 million transactions recorded. Payments in Cambodian riel saw a 334% increase (299 million transactions), while those in US dollars grew by 133% (308 million transactions). The total transaction value reached $150.8 billion, equivalent to 330% of Cambodia’s GDP.

The Bakong system, introduced in October 2020, has significantly improved transaction efficiency, supporting government services, tax collection, and public payments. NBC Governor Chea Serey highlighted its role in boosting economic participation, enhancing cross-border transactions, and supporting Cambodia’s Digital Government Policy (2022-2035).

The system, now used by 69 financial institutions, saw 642,500 new users in 2024, a 7% increase from 2023. The number of bank and e-wallet accounts capable of Bakong transactions reached 30 million, exceeding Cambodia’s population by 1.69 times. The use of KHQR Code payments also grew by 36.4%, with 4.5 million registered accounts by the end of 2024.

Economist Hong Vannak emphasized the benefits of digital payments, including reduced reliance on cash, faster transactions, counterfeit prevention, and lower currency printing costs. He noted that digital banking expansion boosts economic efficiency and enhances financial accessibility, especially in urban areas. <Summarized by ChatGpt.com>

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