Remittance and payment transactions made through the Bakong system reached more than 608 million transactions by 2024, of which more than 299 million transactions were in riel and more than 308 million transactions were in US dollars, according to the National Bank of Cambodia (NBC).
According to NBC's 2024 Annual Report, remittance and payment transactions made through the Bakong system in 2024 totaled 608.32 million transactions, of which 299.32 million transactions were in riel, an increase of 334 percent compared to 2023, and transactions in dollars amounted to 308, 2 million transactions, an increase of 133 percent.
In terms of money, the riel was approximately KHR 183.74 trillion, an increase of 127 percent, while the dollar value was USD 104.81 billion, an increase of 95 percent.
NBC also said that the total amount of money in 2024 is equivalent to 330 percent of the gross domestic product (GDP).
The use of the riel in electronic payments in Cambodia has steadily increased since the Bakong system was launched on 20 October 2020 by the National Bank of Cambodia.
The Bakong system is an important digital public infrastructure that plays a role in facilitating digital payments for the public.
In addition, the Bakong system's instant payment function has helped to optimize and facilitate the government's payment process, such as tax collection and other public services.Not only is it a digital public infrastructure, but it is also an important payment system that promotes and facilitates participation in economic and trade activities, supporting Cambodia's sustainable economic growth."
The Governor of the National Bank of Cambodia, Ms. A Siri, mentioned in the report above that the modernization of the payment system has increased the efficiency of payments in both urban and rural areas, which has boosted domestic economic activities as well as contributed to reducing the development gap in line with the Cambodia Digital Government Policy 2022-2035.
"The National Bank of Cambodia has continued to connect payment systems with regional countries and international payment network companies to support the increase in cross-border payment transactions in support of tourism and trade.These connections will also contribute to the use of national currencies, increase the choice of international means of payment efficiently and securely, and reduce transaction costs for supporting integration and enhancing regional and international economic and financial ties."
The National Bank of Cambodia's Annual Report 2024 states that as of 2024, the Bakong System has a total of 69 member institutions, of which 60 institutions have been officially launched and 9 other institutions have been continuing to innovate the system.
In 2024, 642.5 thousand customers registered to use the Bakong system through the Bakong app, an increase of 7 percent compared to 2023.
Meanwhile, the number of customers who have bank accounts/e-wallets at banking and financial institutions and payment service providers and can make transactions through the Bakong system (Customer Reached) is approximately 30 million accounts, which is estimated to be 1.69 times the total population.
In addition, the Bakong system also has a payment function via KHQR Code for payments in Cambodia.
As of the end of 2024, there were approximately 4.5 million registered merchants accepting payments via KHR Roth, an increase of 36.4% compared to the end of 2023.
Hong Wan, an economist at the Royal Academy of Cambodia, told Phnom Penh Post on February 26 that the trend of electronic payments in Cambodia (Bakong) has gained more popularity from consumers in all walks of life, especially those in towns with good internet services.
The use of the Bakong payment method has provided substantial benefits to the people and the government.
He explained that for the people, using Bakong payment is to make it easier for them as they do not have to put as many banknotes in their pockets as before, the payment is fast, there is no worry about counterfeit money, as well as reducing the transmission of some diseases from through banknotes.
Whereas the government is able to reduce the cost of printing banknotes and make it easier to monitor money transfer transactions from one account to one or more accounts.
He stated: "When payments are faster, the profitability in the national economy and people flows is also better."
0 Comments