With it’s soft launch on August 19th 2024, the Bakong Tourists App is a fantastic new secure cashless payment system for visitors coming to Cambodia which will allow them to make digital payments to local vendors via a QR code payment system and reduce the need to carry cash. If you’re coming to Cambodia to visit Angkor Wat, make sure to read on and find out all about this innovative new system and what it means for you!
What is the Bakong Tourists App?
The Bakong Tourists App is a new app which allows tourists to access the KHQR digital payments system in Cambodia, which was previously only accessible with a local bank account.
What is the KHQR system?
Launched by the NBC (National Bank of Cambodia) under a payment project called “Bakong”, the KHQR system is a blockchain based digital payment system used by approximately 3.3 million merchants and individuals in Cambodia. This ranges from tuk-tuk drivers, to local shops, to hotels, all the way to making large peer to peer purchases such as buying a vehicle.
The system allows for secure, near instant financial transactions with zero fees straight from your mobile device through a simple point and scan QR code system. The KHQR system is an inter-bank system used by most major banks in Cambodia so many locals have access to the system and it is very prevalent in day to day use for the transfer of money.
How do I create an account with the Bakong Tourists App?
– Download the app on the Apple App Store or the Google Play Store on your mobile device
– You’ll then be prompted to enter your email address, name, and date of birth
– The system will then send a 6 digit confirmation code to your linked email address, which you’ll be prompted on screen to enter in the app to verify your email address
After this is complete, the app will provide you with a USD ($) account and a KHR (Khmer Riel) account to allow for easy top ups and spending. As an account with unverified identification, it’s stated you’ll be given a daily spending limit of $1000. We signed up for an account to test the limits and were given a daily limit of $500 USD and 2,000,000r (which equates to roughly $500 USD), which is in line with this stated limit and can easily be tracked within the app.
According to Chea Serey, Governor of the National Bank of Cambodia, with an ID verified account, tourists will be able spend up to $3000 US a day within the Bakong Tourists App.
The Bakong Tourists App itself allows you to send directly to another persons account or through the use of the KHQR system present in most shops and used for all types of financial transactions.
CLICK HERE for the official National Bank of Cambodia site for BAKONG
How do I top up my funds on the app?
Adding funds to your account is currently available at participating bank kiosks (ATM’s) and partnered bank branches via cash. You are also able to top up via ATM at Cambodian airports upon arrival which means you can get money added to your account as soon as you land.
In future, the plan is to add payment processing for international payment cards such as VISA and Mastercard so you’ll be able to link your account directly to your international bank card.
What happens if I have funds left over in my account at the end of my holiday?
You are given the option to withdraw your remaining balance as cash before leaving Cambodia through partner banks or ATM’s. You’ll also have the option in app to donate your remaining balance to local hospitals if this is something you’d like to consider. Your third option, of course, is to leave the balance in the account ready for your next visit to Cambodia!
What are the benefits of using the Bakong Tourists App?
-Only an estimated 55,000 businesses in Cambodia currently have point of sale systems for credit cards. These POS systems which accept credit cards are usually found at larger businesses such as hotels or larger restaurants. Because of this, cash is currently king when it comes to smaller transactions for tourists, and the majority of your daily transactions are likely to be through these vendors. This app means that tourists can now use the KHQR system, which was previously only available to locals or residents on long term visas with local bank accounts.
– There is no minimum spend requirement for KHQR payments, so no need to worry about being the vendor not having change for your purchases if you only have large denomination bills. You can send as little as $0.01!
– The Bakong Tourists App will also mean you’ll have less need to carry cash which means a lower chance of losing money when out and about visiting the beautiful sights in Cambodia.
– After depositing funds, transactions can be processed primarily in Cambodian Riel, which helps pave the way for a stronger local currency in Cambodia.
Does the KHQR system only work in Cambodia?
Tourists from Thailand, Laos, and Vietnam can already use the KHQR system through the Bakong network if they have accounts with participating banks. This new Bakong Tourists App will also allow people to use their account in neighbouring nations such as Thailand (THAI QR Payment), Laos (LapNET), and Vietnam (VIETQR). This is excellent news for those who are visiting more than one of these countries, or frequently travel between them.
We hope you’ve found this article helpful! If you’d still prefer to use cash when you’re in Cambodia, make sure to CLICK HERE, to visit our article “An Easy Guide To Currency In Cambodia”.
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