The National Bank of Cambodia (NBC) and Mastercard announced yesterday their partnership to offer innovative, convenient and seamless solutions for digital payments in Cambodia, particularly in e-wallets and digital banking apps.
On the occasion of the launch of the Bakong Tourists App with Mastercard, Chea Serey, NBC Governor, said the central bank created the app to improve payment services and support tourism by enabling digital payments for international tourists.
The soft launch of the app was earlier held on August 19, 2024, in Siem Reap. The app allows users to top up their Bakong accounts through business partners, connecting travellers with local businesses for a better travel experience.
Since then, Mastercard and NBC worked together to reach this milestone, Serey said, adding that, users can now transfer funds from their Mastercard accounts to their Bakong Tourists wallets, making payments easier while travelling.
This feature provides instant access to funds, enabling purchases, bookings, and expense management without carrying cash or using currency exchange kiosks, and the app’s user-friendly interface and multilingual support make it accessible to everyone, ensuring a stress-free travel experience, she said.
“With this integration, tourists can now link their existing Mastercard to top up their Bakong Tourists wallet. In the next phase, the app will enable users to link with other existing international payment cards,” Serey noted.
“This initiative aims to reduce the reliance on cash, allowing tourists to make payments by scanning KHQR codes at approximately 3.3 million merchant locations across Cambodia,” she added.
Meanwhile, Serey encouraged all banking and financial institutions, along with other card schemes, to actively promote the Bakong Tourists App, hoping that tourists will quickly recognize the advantages of this app for convenient payment options while travelling in Cambodia.
Sapan Shah, Senior Vice President of Mastercard Asia Pacific, said the Bakong Tourists App is an important step toward creating a cashless society in Cambodia, where digital payment methods are accessible, secure, and easy to use for both locals and international visitors.
This App will enable seamless digital payments for both tourists and local businesses and will improve the overall visitor experience, Shah said.
“It is now very easy for travellers to make secure, local payments without needing to carry cash or set up complex accounts. International travellers can now link their Mastercard credit or debit cards to the Bakong Tourists App, and shop at over three million merchants across Cambodia, without needing a local bank account or prepaid account. They no longer need to worry about how much cash they need to convert or about damaged bank notes,” he said.
Even more importantly, the integration of Mastercard with digital wallets like Bakong will support small and medium-sized enterprises in the country by increasing their reach to a wider set of tourists, Shah said.
“This launch is an important part of our Pay Local program that enables digital wallet providers in Asia, including now with Bakong, to access the spending power of over two billion Mastercard cardholders,” he said.
Phan Ying Tong, Managing Director and Chief Executive Officer of Oriental Bank Plc, said the Bakong Tourists App not only simplifies financial transactions for visitors but also reduces inconveniences like handling soiled currency, helping Cambodia create a more welcoming and accessible experience for tourists.
“At Oriental Bank, we’re privileged to partner with Mastercard to contribute to this groundbreaking initiative. Together, we’ve worked to introduce a vital feature within the Bakong app, allowing international and local Mastercard holders to link their cards and make seamless KHQR payments at over 3.3 million merchant locations across the country,” Ying Tong said.
“We see the Bakong Tourists App not just as a single project but as a significant step in Cambodia’s broader journey toward a more digital, inclusive financial ecosystem. By investing in digital innovation, we aim to support financial inclusion, drive economic growth, and hope to contribute towards the transformation of the financial landscape of Cambodia,” he added.
Source: Khmer Times
