The national payment system of Cambodia, Bakong, has recorded impressive user statistics in the past year with volumes that worry triple.
According to a report, volumes on bakong in 2024 form 330% of Cambodia’s gross domestic product (GDP), a huge peak of previous years. The data follows the release of an annual report of the National Bank of Cambodia (NBC) in which the steady increase in the baking tong platform is described.
The blockchain-based payment system was launched in 2019 and received a steady traction in the financial system of Cambodia. Described on a large scale as a digital currency of the Central Bank (CBDC), NBC Bakong regards as a tokenized deposit initiative, since Saldi are supported by companies in bank accounts.
According to the annual report, there are 30 million bakong portfolios in circulation. However, a further look shows that the figure is almost double the population of Cambodia, which creates the available data.
The Central Bank clarified that a payment provider with a single bank account can support several thousand portfolios. For the banking regulator there is a correct benchmark for measuring growth the number of baking tong accounts, which is currently linked to 642,500.
Another important growth statistics for Bakong is the number of sellers who accept payments via the platform. The annual report revealed that more than 4.5 million Cambodian traders accept bakong payments, powered by various initiatives.
The biggest motivation of the trader acceptance is lower transaction costs compared to traditional payment alternatives. The settlement times of baking tong and interoperability with a series of systems continue to attract more traders to the payment platform, while a standard QR code for Bakong supports it.
The report noted a total volume of US $ 104.81 billion of 608 million transactions in 2024. The figure represents a stunning increase of 95% in transactions compared to 2023 figures, with cross -border and tourist use outings.
A series of initiatives to promote bakong
NBC has unveiled a series of programs to stimulate the adoptive tricks of bakong for users, such as a mobile payment system for tourists launched in mid-2024, that user statistics for the CBDC-like platform run up.
NBC is aware of the dollarization of the local economy and turns to bakong to promote the use of Riel in the country. Cross -border transactions on the platform are processed in Riels, while tourists are encouraged to handle local currencies instead of the US dollar.
“It is important that we encourage tourists to exchange for Khmer -Valuta and use it directly, because it is easier,” said Khieu, president of the Khmer Angkor Tourist Guide Association, in August last year. “This also helps to strengthen our sovereignty, territorial integrity and national identity.”
Digital payment market value set to exceed $ 712 billion by 2033
In the meantime, a new report has tipped digital payments to hold a market value of $ 712 billion by 2033, increasing with a double -digitly composite annual growth rate (CAGR).
An Astute Analytica report says that the global market value for digital payments will reach $ 712 billion in 2033. The market capitalization of the industry is currently linked to $ 122.32 billion, with the projection offering a CAGR of 21.80%.
Various factors, including the rising penetration of mobile phones in population -appropriate regions, will stimulate the expected growth. In the past year, mobile phone and internet use statistics achieved new all time, with 5.30 billion people who use the internet.
Another motivation of growth in the industry is the avalanche of financial inclusion initiatives rolled out by emerging markets. In developing economies, the number of adults that turned to digital payments grew from 35% to 57% from 2014 to 2021.
The rising acceptance of e-commerce is another leading growth motor for industry. According to the report, the e-commerce pushes vertical growth rates in all economies, whereby countries in the first world record the largest acceptance rate.
According to the report, the bank, financial services and insurance (BFSI) will be the market leader by 2033, with a market share of 23.1%. Bank cards will be the largest use case in the industry, followed by account-to-account and blockchain-based payment systems.
For use cases, mobile wallet and biometric authentication will produce impressive growth in the course of the period. AI and Machine Learning will use a rising trend in the ecosystem for anti-money laundering practices (AML) and user personalization user personalization.
With regard to regional distribution, North -America and the US will have a considerable lead on the market. Both regions will include remaining growth statistics, but Asia and Latin America are expected to have the fastest growing CAGR.
A boat load challenges for the industry
The report emphasized a series of challenges to reach a rating of $ 712 billion by 2033. To begin with, there is a lack of trust the approval of financial technology, whereby blockchain systems offer a real solution.
The absence of financial literacy hinders the full acceptance of digital payment solutions in 2024. In the future, governments in development regions have money sinking of financial literacy initiatives with their CBDC offer.
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