Cambodia’s national payment system, RearHas registered impressive user measurements with volumes that nail three times over the past year.
According to a ReportVolumes on Bakong 2024 make up 330% of Cambodia’s gross domestic product (GDP), a massive peak from previous years. The data follows the release of an annual report from National Bank of Cambodia (NBC) describes the stable increase in the Bakong platform.
The blockchain-based payment system was launched in 2019 and has been given a steady traction in Cambodia’s financial system. NBC, which is widely described as a central bank Digital Currency (CBDC), considers Bakong a tokenized deposit initiative as balances are supported by holdings in bank accounts.
According to the annual report there are 30 million bakong Wallets in circulation. A closer look, however, reveals that the figure is almost double Cambodia’s population, which causes concern about available data.
The central bank made it clear that a payment provider with a single bank account can support several thousand wallets. For the bank regulator, a correct metric to measure the growth of the bakon accounts, which is currently linked to 642,500.
Another important growth metric for bakong is the number of merchants accept payments via the platform. The annual report revealed that over 4.5 million Cambodian merchants accept Bakong payments, driven by several initiatives.
The largest driving force for trading assumptions is lower transaction fees compared to traditional payment options. Bakong’s settlement times and interoperability with a variety of systems continue to attract more merchants to the payment platform, while a standard QR code for bakong supports it.
The report noted a total volume of US $ 104.81 billion from 608 million transactions in 2024. The figure represents an astonishing 95% increase in transactions from 2023 figures, with cross-border and tourist reversal cases.
A variety of initiatives to promote bakong
NBC has revealed a series of programs to increase Bakong Adoption Metricians for users, such as a mobile payment system for tourists Launched In mid-2024, which drives up user metrics for the CBDC-ESQue platform.
Aware of the dollar Of the local economy, NBC turns to Bakong to promote Riel use in the country. Cross -border transactions on the platform are treated in Riels, while tourists are invited to trade in local currencies rather than the US dollar.
“It is important that we encourage tourists to switch to Khmer currency and use it directly, because it is easier,” mentioned Khieu Thy, chairman 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 in 2033
At the same time, a new report has tipped digital payments to have a market value of $ 712 billion in 2033 and rises with a two -digit composed annual growth rate (CAGR).
A Astute Analytica Report Says the global market value for digital payments will reach the land of $ 712 billion 2033. Currently, the industry’s market value is linked to $ 122.32 billion, with the projecting that characterizes a CAGR of 21.80%.
Several factors, including rising mobile phone penetration in population -tight regions, will drive the estimated growth. In the past year, mobile phone and Internet use Metricians reached a new highest time, with 5.30 billion individuals using the Internet.
Another driving force for industry growth is Avalanche of Financial Inclusion initiatives that are rolled out by emerging markets. In development economies the number of adults turning to Digital payments grew From 35% to 57% from 2014 to 2021.
The rising assumption of e-commerce is another leading growth driver for the industry. According to the report, e-commerce operates the vertical growth rate over all economies, with first world countries that record the largest admission levels.
According to the report, bank, financial services and insurance (BFSI) will be industry leaders in 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 system.
For use cases, Mobile wallet and Biometric authentication will register impressive growth during the review period. A rising trend in the ecosystem will use AI and machine learning for cases of anti-Money Tunding (AML) and user personization.
When it comes to regional distribution, North America and the United States will have a significant management over the market. Both regions will register stopping growth measurements, but Asia and Latin America are expected to have the fastest growing Cagr.
A boat load of challenges for the industry
The report emphasized a number of challenges to achieve a valuation of $ 712 billion in 2033. To begin with, lack of confidence Prevents the adoption of financial technology, with blockchain systems that provide a veritable solution.
The absence of financial literacy prevents fully adoption of digital payment solutions in 2024. In the future, governments in development regions are falling funds for financial literacy initiatives with their CBDC offers.
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