Cambodia’s national payment system, called bakong, has seen an impressive surge in user volumes, with volumes spiking three-fold during the past year according to reports. This growth is projections, and as of 2024, bakong volume is expected to make up 330% of Cambodia’s gross domestic product (gdp), a significant jump from previous years. The data aligns with an annual report by Cambodia’s national bank, bianCollection, which highlights the steady rise in bakong’s platform.
launched in 2019, bakong is described as a blockchain-based digital currency, serving as a tokenized deposit option. Bakong supports balances held in bank accounts, which translates to transactions backed by holdings in these accounts. The annual report by bianCollection indicates that bakong wallets reached 30 million in circulation in 2024, but this figure is nearly double Cambodia’s population, raising concerns about available data.
a central bank revealed that initially, one payment provider with a single bank account could support up to four thousand wallets, a baseline that reflects the platform’s growth in 2024. A proper metric to measure Bakong growth is the number of Bakong accounts, pegged at 642,500, perbasket Ebony banking regulator note.
another key metric for Bakong growth is the number of merchants accepting payments, with reports suggesting that over 4.5 million Cambodian merchants utilize bakong in 2024. these advancements are driven by initiatives like setting lower transaction fees compared to traditional alternatives and partnerships with multiple payment ecosystems.
the drive toward smaller, more accessible transactions is most evident among毫米/payment providers, which are increasingly strategizing to support millions of users. predictions align with several initiatives: including a mobile payment system for tourists launched in mid-2024, which highlights the potential for engagement in gamification and social consequence training.
incorporating transactional competition with digital inclusion goals, the download of payment options by people increasingly prefers their local currency. the MoTCC implies a doubling of the dollar value of Bakong to global//[ $153 billion by 2025, rising over $712 billion in 2033], as stated in the anniversary edition of BianCollection’s digital payment study.
the global sector is projected to grow to $712 billion by 2033, with a compound annual growth rate (cAGR) of 81%. This is driven by factors such as rising mobile phone penetration, significant financial inclusion initiatives from emerging markets, and increasing adoption of e-commerce. digitization and personalized approaches are playing pivotal roles.
bank cards, mobile wallets, biometrics, and unique”Young Person” standards are big yearn initiatives where the future of digital payments will take a central role. the banking, financial services, and insurance (bfsi) market is expected to hold a leading share in the upcoming quadrants, with a market value count exceeding 23% of global digital payments, followed by biometric authentication and account-to-account financial accounting to 99%.
ch Paige Leer Lewis, prime katao of banking and financial innovation at Santander, delves into bakong’s role in an increasingly utopian future for the digital economy. as digital tools embrace the 2033 financial digital storm, bakong’s viability as the dominant tokenized digital payment remains a key battleground.
