“Cross Border Payments, A Boon for Cambodians”. Here are some of the key points:
- The growth of digital payments in Cambodia has been significant in recent years, driven by the COVID-19 pandemic and the launch of the Bakong payment app by the National Bank of Cambodia (NBC).
- The Bakong app is a centralized payment system that allows users to make and receive payments, transfer money, and pay for goods and services. It is supported by 70 financial institutions in Cambodia.
- The KHQR (Khmer riel Quick Response) payment system is a QR code-based payment system that is also supported by the Bakong app. It allows users to make payments by scanning QR codes at merchants.
- The NBC has also built payment system infrastructures with Thailand, Malaysia, Laos, and Vietnam to facilitate more efficient cross-border payments.
- These developments are expected to boost trade, investment, tourism, and remittances in Cambodia.
Here are some of the benefits of cross-border payments for Cambodians:
- They can make and receive payments more easily and conveniently.
- They can save on fees associated with traditional cross-border payments.
- They can access a wider range of financial services.
- They can participate more easily in the global economy.
The growth of cross-border payments is a positive development for Cambodia. It has the potential to boost the economy and improve the lives of people.
In addition to the points mentioned in the article, I would also add that cross-border payments can help to reduce poverty and inequality in Cambodia. By making it easier for people to send and receive money, cross-border payments can help to support families and businesses in rural areas. They can also help to connect people with opportunities in other countries.
