In a recent statement, the National Bank of Cambodia (NBC) revealed that the number of digital payments in Riel currency through the Bakong system reached 75.6 million transactions during the first half of the year, representing a significant increase of 180% compared to the same period in 2023.
As stated in the NBC announcement on 7 August, the Bakong system has been developed to offer enhanced functionality and versatility for users, while also gaining in popularity. This has the effect of fostering financial inclusion and enhancing Cambodia's image on the international stage.
In the initial six-month period of 2024, the number of transactions conducted in KHR through the Bakong system reached 75.5 million, representing an 180% increase compared to the corresponding period in the previous year.
The overall transaction was equivalent to 64.9 trillion riels, representing a 140% increase compared to the first half of 2023. Additionally, there were 99.8 million digital payments in US dollars, amounting to approximately $38.8 billion, which marks a 130% growth rate compared to the same period last year.
Bakong represents a significant advancement in the field of mobile payment and banking, offering a comprehensive suite of digital financial services, including e-wallets, mobile payments, online banking, and financial applications, all accessible through a single, user-friendly interface. The platform's seamless integration of these diverse financial tools provides users with unparalleled simplicity, convenience, and security. Bakong's peer-to-peer fund transfer service is available to retail customers of local banks, financial institutions, and payment service providers in Cambodia, further expanding the platform's reach and utility.
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