Payments/KH
Cambodia
ISO KH · 3 schemes
Summary
- KHQR is the national EMV QR standard
- Bakong blockchain-based payment platform (2020)
- $104.81 billion in 608M transactions (2024)
- 30 million Bakong wallets with 4.5M+ accepting merchants
- Cross-border with Singapore, Japan, Korea, Malaysia, Thailand, India
Banking landscape
Central Bank
- Name: National Bank of Cambodia (NBC)
- Website: https://www.nbc.gov.kh/
- Role: Monetary policy, Bakong/KHQR oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | ACLEDA Bank | Private | ACLEDA Mobile |
| 2 | Canadia Bank | Private | Canadia Mobile |
| 3 | ABA Bank | Private | ABA Mobile |
| 4 | PPC Bank | Private | PPC Mobile |
| 5 | Sathapana Bank | Private | Sathapana App |
Market Structure
- ACLEDA: Largest bank, KHQR operator
- ABA Bank: Digital leader
- Bakong members: 57 financial institutions
- Blockchain: Hyperledger Iroha framework
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Bakong | NBC | Blockchain payment | Active |
| KHQR | NBC | EMV QR standard | Active |
| FAST | NBC | Interbank | Active |
| CSS | NBC | Clearing | Active |
Bakong Statistics (2024)
- 608 million transactions
- $104.81 billion value (330% of GDP)
- 95% growth from 2023
- 30 million wallets
- 4.5 million merchants accepting
Bakong Features
- Blockchain-based (Hyperledger Iroha)
- Built with Japanese Soramitsu
- USD and KHR support
- P2P, P2B, B2B transfers
- Cross-border connectivity
QR code standards
KHQR (Khmer QR)
| Attribute | Value |
|---|---|
| Standard | EMV QR Code |
| Operator | NBC |
| Merchants | 4.5 million+ |
| Interoperability | All Bakong members |
KHQR Features
- Single QR for all payment providers
- EMV standardized format
- Real-time settlement via Bakong
- Cross-border acceptance
Bakong Tourists App
- Launched: August 19, 2024 (Siem Reap)
- Mastercard: Connected November 2024
- Visa: Connected January 22, 2025
- Foreign tourist payments enabled
Cross-Border KHQR
| Country | System | Status |
|---|---|---|
| Thailand | PromptPay | Active (2023) |
| Malaysia | DuitNow | Active (2024) |
| Vietnam | VietQR | Active (2023) |
| Laos | LaoQR | Active (2023) |
| Singapore | RoamQR | Active (2025) |
| South Korea | Kakao Pay | Active (Aug 2024) |
| Japan | JPQR | MoU (March 2025) |
| India | UPI | H2 2026 (planned) |
| China | Alipay+ | Active |
Mobile payment apps
| App | Provider | KHQR | Users |
|---|---|---|---|
| Bakong | NBC | Yes | 30M wallets |
| ACLEDA Mobile | ACLEDA | Yes | Large |
| ABA Mobile | ABA | Yes | Large |
| Wing | Wing | Yes | Active |
| TrueMoney | TrueMoney | Yes | Active |
Bakong App
- Official NBC wallet
- KHQR payments
- Cross-border transfers
- USD and KHR accounts
Bakong Tourists App
- For foreign visitors
- Mastercard/Visa link
- KHQR merchant payments
- Simplified onboarding
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| KHQR | EMV QR | NBC | 4.5M merchants | khqr |
| Bakong | Blockchain | NBC | 30M wallets | bakong |
| Cross-border | International | EMV | 8+ countries | — |
Sources
- Bakong Official
- Transfi - Cambodia Payment Rails
- B2B Cambodia - Bakong Tourists
- AKP - Cambodia Singapore QR
- AKP - ACLEDA UPI Link
- PPCBank - Korea Cross-Border
- iTnews Asia - KHQR Launch
- Cambodgemag - Bakong Tourists App
- Orkun Santepheap - Bakong Guide
- Open Development Cambodia - NBC