The Cambodia Blockchain platform is steadily being rolled out, with support coming from 11 commercial banks and the National Bank of Cambodia expected to be "the first central bank to put a blockchain-based payment system into widespread use."
The launch comes after the successful completion of a pilot in 2019. Titled 'Project Bakong,' the next-generation system will enable secure peer-to-peer payment and money transfer. The innovation in the newly enabled Cambodia Blockchain platform is that it brings all services—from e-wallets, mobile payments to online banking and financial applications—into one "easy-to-use interface for any preferred bank account."
In addition, the newly developed Bakong app will also allow individuals to track their transactions and to request money through a personalized QR code.
Blockchain-Based Peer-to-Peer Payments
The Cambodia Blockchain Platform is Being Rolled Out
Trend Themes
1. Blockchain-based Peer-to-peer Payments - The Cambodia Blockchain platform enables secure peer-to-peer payment and money transfer, bringing all services into one easy-to-use interface.
2. Integration of E-wallets, Mobile Payments and Online Banking - The Cambodia Blockchain platform integrates e-wallets, mobile payments, and online banking into a single interface, providing convenience for users.
3. Personalized QR Code for Money Requests - The newly developed Bakong app in Cambodia allows individuals to request money using personalized QR codes, enhancing convenience and ease of transactions.
Industry Implications
1. Banking - The Cambodia Blockchain platform revolutionizes the way payments are made, creating opportunities for banks to offer more efficient, secure, and user-friendly services.
2. Fintech - The integration of e-wallets, mobile payments, and online banking in the Cambodia Blockchain platform opens up opportunities for fintech companies to develop innovative solutions and enhance financial inclusivity.
3. Mobile App Development - The development of the Bakong app in Cambodia, which enables personalized QR code money requests, presents opportunities for mobile app developers to create user-friendly and transaction-enhancing applications.