The National Bank of Cambodia (NBC) has launched a new mobile payment system for tourists based on Bakong, the Southeast Asian country’s version of a central bank digital currency (CBDC).
According to a report by the Phnom Penh Post, the Bakong Tourists payment system is designed to improve the transaction process for visitors to the country while promoting the usage of the local currency. Keen on stifling the dollarization of its economy, NBC says the new payment platform will lean on the Cambodian riel and enjoy mass acceptance from merchants.
The NBC confirmed a commitment to setting up QR locations nationwide to streamline payments using the mobile application. Per the announcement, the mobile app requires no fees and offers the same settlement speeds and efficiency as the main Bakong app.
“For KHQR payments, we have up …