One third of Cambodians plan to drop cash, pay digitally
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As many as 32 per cent of Cambodian consumers plan to stop using cash for their errands and bill payments following the Covid-19 pandemic, the latest Visa Consumer Payment Attitudes study released by US credit card firm Visa showed.
The pandemic has accelerated the adoption of digital payments among Cambodian consumers as they believe going cashless is more hygienic (43 per cent), efficient (39 per cent) and environmentally-friendly (37 per cent), the study said, adding that the new trend goes along with a shift from cash to digital and contactless payments especially though QR codes and e-wallets.
The study said that a cashless society in Cambodia could be achieved in four years from now. Apart from the convenience of paying digitally, the development is also driven by the hassles and dangers of carrying cash and by the problem of counterfeit cash in the country.
Smarter, faster, safer payments
“We are well on our way towards a generational change in how Cambodians choose to pay and be paid, with a growing preference for digital payments,” said Monika Chum, Visa country manager for Cambodia.
According to the study, cash usage in Cambodia dropped 22 per cent in 2021 when the Covid-19 pandemic hit its peak. A fifth of Cambodian consumers have gone cashless at some point, with almost half of them saying that they are able to forgo cash for longer than a week. Of those who have not tried going cashless, 29 per cent are confident they could even last for a month or longer by relying on cashless alternatives.
Cards and OR codes becoming popular
In terms of technical ways of digital payments, 83 per cent of Cambodians now use card payments and almost 68 per cent who have both e-wallets and cards show a preference for the latter. Meanwhile, QR payment usage tripled from last year, with 36 per cent of consumers in Cambodia now using it. QR payment is the second-most-popular payment form in all spending categories, especially in supermarkets and convenience stores.
Digital banking has also caught up with traditional banking as 60 per cent of consumers now install mobile banking apps, appreciating the security of mobile payments (51 per cent) and the health benefits associated with reduced physical contact (50 per cent).
The Visa study covers seven countries in Southeast Asia, with Vietnam showing the fastest adoption of cashless payments.
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As many as 32 per cent of Cambodian consumers plan to stop using cash for their errands and bill payments following the Covid-19 pandemic, the latest Visa Consumer Payment Attitudes study released by US credit card firm Visa showed. The pandemic has accelerated the adoption of digital payments among Cambodian consumers as they believe going cashless is more hygienic (43 per cent), efficient (39 per cent) and environmentally-friendly (37 per cent), the study said, adding that the new trend goes along with a shift from cash to digital and contactless payments especially though QR codes and e-wallets. The study said...
As many as 32 per cent of Cambodian consumers plan to stop using cash for their errands and bill payments following the Covid-19 pandemic, the latest Visa Consumer Payment Attitudes study released by US credit card firm Visa showed.
The pandemic has accelerated the adoption of digital payments among Cambodian consumers as they believe going cashless is more hygienic (43 per cent), efficient (39 per cent) and environmentally-friendly (37 per cent), the study said, adding that the new trend goes along with a shift from cash to digital and contactless payments especially though QR codes and e-wallets.
The study said that a cashless society in Cambodia could be achieved in four years from now. Apart from the convenience of paying digitally, the development is also driven by the hassles and dangers of carrying cash and by the problem of counterfeit cash in the country.
Smarter, faster, safer payments
“We are well on our way towards a generational change in how Cambodians choose to pay and be paid, with a growing preference for digital payments,” said Monika Chum, Visa country manager for Cambodia.
According to the study, cash usage in Cambodia dropped 22 per cent in 2021 when the Covid-19 pandemic hit its peak. A fifth of Cambodian consumers have gone cashless at some point, with almost half of them saying that they are able to forgo cash for longer than a week. Of those who have not tried going cashless, 29 per cent are confident they could even last for a month or longer by relying on cashless alternatives.
Cards and OR codes becoming popular
In terms of technical ways of digital payments, 83 per cent of Cambodians now use card payments and almost 68 per cent who have both e-wallets and cards show a preference for the latter. Meanwhile, QR payment usage tripled from last year, with 36 per cent of consumers in Cambodia now using it. QR payment is the second-most-popular payment form in all spending categories, especially in supermarkets and convenience stores.
Digital banking has also caught up with traditional banking as 60 per cent of consumers now install mobile banking apps, appreciating the security of mobile payments (51 per cent) and the health benefits associated with reduced physical contact (50 per cent).
The Visa study covers seven countries in Southeast Asia, with Vietnam showing the fastest adoption of cashless payments.
Support ASEAN news
Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.
Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.
Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.
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Originally posted on: https://investvine.com/one-third-of-cambodians-plan-to-drop-cash-pay-digitally/