Cambodia vs Vietnam · Real-time payment systems compared
| Capability | Bakong | NAPAS 247 |
|---|---|---|
| QR Code Payments | ✓ | ✓ |
| Wallet Support | ✓ | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | ✓ | — |
| ISO 20022 | — | — |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | ✓ | ✓ |
Cambodia's national payment platform launched by the National Bank of Cambodia in October 2020, built on a permissioned Hyperledger Iroha DLT with an integrated central-bank-issued digital tenge equivalent in both KHR and USD. Bakong enables 24/7 interbank fund transfers, QR-code retail payments via the KHQR standard, and P2P transfers. Notable for its dual-currency design (aimed at supporting the government's promotion of the riel in a heavily dollarised economy) and its extensive cross-border interoperability with Thailand's PromptPay, Laos' LAPNet, Vietnam's NAPAS and India's UPI.
Vietnam's 24/7 instant interbank transfer system operated by the National Payment Corporation of Vietnam (NAPAS) under State Bank of Vietnam oversight. NAPAS 247 connects all major domestic banks for real-time transfers via account number, card number, or phone number. The system has been a cornerstone of Vietnam's rapid cashless payment adoption, with the government targeting 80% of adults with bank accounts by 2025. It also supports QR payments through VietQR, an interoperable QR standard similar to Thailand's PromptPay QR.