By:
• Ou Sokmean

• 19, July 2024 , 7:15 PM

PHNOM PENH – The National Bank of Cambodia will introduce a Bakong payment system for international tourists to experience digital cash payments upon arrival.

Bank governor Chea Serey announced the development during the bank half-yearly assembly on July 19. 

“Even without a local bank account to withdraw money in their Bakong’s e-Wallet, tourists can use their credit cards from home, such as Visa, MasterCard, or UnionPay, to pay for goods and services.  

“This payment system allows tourists to experience a new digital cash experience in Cambodia and addresses some challenges in the tourism sector, particularly in Siem Reap province,” she said. 

Serey said these efforts were undertaken to promptly respond to Prime Minister Hun Manet’s instructions to address the exchange of torn or stained US dollar notes. Dealing with this could enhance tourism and hospitality.

“I will collaborate with relevant stakeholders,” Serey said.

“The condition of old or torn banknotes often depends on the judgment of each bank teller. Sometimes, bank tellers and customers might adhere to stricter standards than our guidelines. 

“The NBC has developed a payment system designed to simplify, enhance efficiency, and expedite digital payments for cross-border transactions, with the goal of supporting the nation’s growth and advancing its digital society.

“The bank currently facilitates cross-border payments with Thailand, Laos, Vietnam, and the international company UnionPay. It is also expanding its network to include regional countries and partners such as China, Japan, India, South Korea, Singapore, Malaysia, and the international company Alipay,” she said. 

The Bakong system offers a broad range of functions, which has spurred its growth and helped enhance the financial environment and the country's global image.

In the first half of 2024, the use of riel was 75.5 million transactions in the Bakong system, an increase of 1.8 times or 64.9 trillion riels, up 1.4 times. 

In terms of dollar transactions, there were 99.8 million transactions, equivalent to $38.8 billion, an increase of 1.3 times compared to the same period in 2023.

In the past five months, Cambodia welcomed over 2.9 million international tourists, marking a 22.1 percent increase on the same period in 2023. Thai tourists led the numbers with 770,000 visitors, followed by Vietnamese with 520,000. Additionally, 320,000 Chinese tourists visited Cambodia.

In the first half of 2024, Siem Reap welcomed over 520,000 international tourists who purchased tickets to visit Angkor Archaeological Park, generating more than $24 million, up more than 36 percent on the same period in 2023.

 

Originally written in Khmer for ThmeyThmey, this story was translated by Rin Ousa for Cambodianess.