Cambodia vs Sweden · Real-time payment systems compared
| Capability | Bakong | Swish |
|---|---|---|
| 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.
Sweden's dominant mobile payment app used by 8M+ people (in a country of 10.5M) for P2P transfers, in-store payments, and e-commerce. Swish transactions clear through the Bankgirot Immediate Payments (BIR) real-time clearing system. Founded by six major Swedish banks, Swish has been a key driver of Sweden's shift toward a nearly cashless society. Payments are initiated via phone number and settle instantly, with merchant payments supported via QR codes and Swish for Business.