Digital payments rapidly gaining ground in Cambodia

Digital payments rapidly gaining ground in Cambodia


In its Consumer Payment Attitudes 2021 study, Visa highlights a rapidly changing payment landscape in Cambodia, with cash losing ground to digital alternatives, said Visa in a news release issued on June 29.

Fourteen percent of Southeast Asian consumers currently do not use cash and this trend is led by consumers in Cambodia (36 percent), it pointed out.

Going by broad categories, it continued, e-wallets and cards are predominant in the market. They are used by around 4 out of 10 Cambodians today and 14 percent of the population have both e-wallets and cards. QR payment and card swipe/insert outpaced other cashless categories both in annual growth and market penetration.

“Cambodians are quickly taking to digital payments, relishing the convenience and security they bring. Visa is offering all stakeholders the solutions and the insights to find their footing in Cambodia’s budding digital economy,” Monika Chum, Visa Country Manager for Cambodia said.

According to the press release, there is a clear age divide in the payment landscape, with the majority of those preferring cash (78 percent) being the elderly. Meanwhile, cashless alternatives are most popular among the youngest age groups (Gen Z and Gen Y), over 21 percent of whom prefer QR payments. Card payments are more evenly liked among the generations.

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Author: AKP-C.Nika
Source: Khmer Times
Publication date: 1 July 2022