Cambodia’s central bank announced it was testing a mobile payment system designed to facilitate peer-to-peer transactions between account holders of some of the largest financial institutions in the country, Khmer Times reported.
The system, named Bakong, already has four institutions signed-up for compatibility: Acleda Bank, Foreign Trade Bank, Wing Specialised Bank and Vattanac Bank.
In a statement to the newspaper, the National Bank of Cambodia said Bakong will process transfers through users scanning in-app QR codes, using mobile numbers or using existing platforms such as mobile wallets provided by partner banks.
The ultimate aim of the service is to increase financial inclusion, with a specific focus on rural areas of the country. The central bank said it would also ease transfer between different banks and host transfers across international borders.
According to World Bank figures, in 2017 Cambodia had 8.3 million unbanked adults out of a total adult population of 10.6 million.Subscribe to our daily newsletter Back