The National Bank of Cambodia (NBC) proudly launched the “Bakong Tourists” mobile payment application on August 19, in a move to streamline monetary transactions for travelers. This system aims to simplify payments throughout Cambodia, specifically targeting the tourism sector, which is a critical component of the nation’s economic framework. The announcement was made by NBC governor Chea Serey in Siem Reap province, a hub for many who visit the historic and enchanting landscapes of Cambodia.
Bakong Tourists is designed to mirror the functionality of the widely-adopted Bakong system. This well-established platform has revolutionized banking in Cambodia, facilitating cross-bank transactions sans transaction fees and promoting heightened financial inclusivity. The new app retains these advantages, offering both ease of use and robust security measures, ensuring users can transact with peace of mind.
The application promotes convenience, allowing tourists to pay for goods and services at over 3.3 million locations nationwide through KHQR payments. This includes an array of vendors, from prominent establishments in Phnom Penh to the local street markets in Siem Reap, all equipped with QR codes.
Governor Serey highlighted the dual purpose of the Bakong Tourists app during the launch. While certainly aimed at facilitating easier spending for visitors, the app also serves an educational purpose, providing users insights into Cambodia’s growth and inviting them to explore its rich cultural heritage.
Collaboration has been the key in the promotion and accessibility enhancements of the app. Partnerships have been forged with banks, tourism operators, airport authorities, and the General Department of Immigration, among others, to ensure seamless integration and widespread acceptance.
For user registration, the app is available for download on both iOS and Android platforms. Upon installation, travelers can register by entering the requisite information and verifying their identity through an email verification process. This setup enables a spending limit of up to 4 million riel or $1,000 daily.
To cater to those who may require higher spending limits, the app presents a “Know Your Customer” (KYC) process, which can significantly increase daily spending to 12 million riel or $3,000. This process doesn’t necessitate a personal phone number, as tourist agents, tour operators, or hotel staff can assist with the KYC verification, referencing the visitor’s passport details.
Adding funds initially involves depositing at local banks or through one’s accommodating hotel. Plans are in place to integrate card transactions directly into the app, allowing for top-ups via Visa and other major card providers.
In terms of withdrawals or remaining balances, users have the option to take out funds at partnered banks or institutions. They can also choose to contribute to local causes; the app facilitates donations to organizations such as Kantha Bopha Children’s Hospital or Angkor Hospital for Children.
Furthermore, the funds in the Bakong Tourists app are not restricted to Cambodia alone. Travelers can carry and utilize their balance seamlessly across Thailand, Laos, Vietnam, and other countries.
The NBC has arranged a dedicated team to address any payment issues promptly—a rare occurrence—ensuring uninterrupted usage of the service. For any assistance, users can reach out through WhatsApp or Telegram, services the NBC team actively monitors.
Responses from local stakeholders like Met Thong, a Siem Reap-based freelance tour guide, and Khieu Thy, president of the Khmer Angkor Tourist Guide Association, range from cautious optimism to full support. They recognize that while the transition to digital payments may present initial challenges for some, particularly the elderly, the move could eventually lead to a superior visitor experience, pushing further the nationwide transition towards increased digital financial literacy and consumption while also minimizing reliance on foreign currencies.
Source: Phnompenh Post
