Cambodia vs Euro Area · Real-time payment systems compared
| Capability | Bakong | SEPA Instant |
|---|---|---|
| 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.
Pan-European instant credit transfer scheme enabling payments across 36 SEPA countries in under 10 seconds, 24/7/365. Transactions clear through the ECB's TIPS platform or EBA Clearing's RT1 system, with a maximum amount of €100,000. The EU's Instant Payments Regulation (IPR) mandates all eurozone banks to offer SCT Inst by 2025, dramatically expanding reach. Built on ISO 20022, it represents the largest cross-border instant payment zone in the world by number of participating countries. Wero, the digital wallet launched by the European Payments Initiative (EPI) in 2024, runs on SCT Inst rails — Wero transactions are included in these figures.