In Cambodia, the bakong speeds up dematerialized payments

Phnom Penh

In Phnom Penh, the Phsar Chas (“old market”) has entered modernity. Like everywhere in Cambodia, banknotes, once used to pay for everyday purchases, have almost disappeared. They have been replaced by a revolutionary tool for this developing country, plastered all over the shady aisles of the market: the QR Code. “The customer makes their purchases, pulls out their phone and pays directly into my bank account. It’s much simpler than before, where I had to go to the bank to deposit the notes,” explains Solinda, owner of a small paper mill. I barely use cash anymoreabounds a customer who has just paid for her purchases with her banking application, or only to pay for parking my scooter or in the few stores that do not offer electronic payment.”

Thanks to the Covid, where many feared contagion via banknotes, the Cambodian economy has…