The National Bank of Cambodia has already achieved enormous success with its Bakong digital payment app that uses DLT. There are more than ten million wallets out of a population of 17 million. Now it has soft-launched an app for Cambodian tourists.
Beyond the Bakong tourist app, a key goal of Bakong is to encourage greater usage of the local riel currency. Around 80% of all local transactions are in U.S. dollars versus less than 60% via Bakong. The Bakong tourist app only supports QR code payments in riel.
Today most tourists use a mix of cards and cash, often locally available U.S. dollar notes, which are rather damaged. Credit cards are accepted at 55,000 outlets compared to 3.3 million locations that support the KHQR codes used in Bakong, including small stalls.
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