As many as 32% of Cambodian consumers plan to stop using cash to do things in the wake of the Covid-19 pandemic, according to the latest Visa Consumer Payment Attitudes Study released by US credit card company Visa, according to Cambodia’s state news agency, Cambodia News Agency. The pandemic has accelerated the adoption of digital payments among Cambodian consumers as they believe cashless payments are more hygienic (43%), efficient (39%) and environmentally friendly (37%), the study said, adding that new trends come with With the shift from cash to digital and contactless payments, especially via QR codes…
Up to 32% of Cambodian consumers plan to stop using cash to do business after latest Covid-19 pandemic Visa Consumer Payment Attitudes According to research released by the US credit card company Visa, the Cambodian National News Agency cambodia news agency report.
The pandemic has accelerated the adoption of digital payments among Cambodian consumers as they believe cashless payments are more hygienic (43%), efficient (39%) and environmentally friendly (37%), the study said, adding that the new The trend is accompanied by a shift from cash to digital and contactless payments, especially through QR codes and e-wallets.
Cambodia could achieve a cashless society within four years, the study said. In addition to the convenience of digital payments, this development has been driven by the hassle and dangers of carrying cash and the problem of counterfeit currency in the country.
Smarter, faster and safer payments
Monika Chum, Country Manager for Visa Cambodia, said: “We are moving towards a generational change in how Cambodians choose to pay and are paid, with a growing preference for digital payments.”
“At Visa, we are closely watching how the transition to cashless plays out, using our market insights to support our local partners by rolling out smarter, faster and more secure forms of digital payments,” she added.
According to the study, cash usage in Cambodia dropped by 22% in 2021 after Covid-19 began to spread. One in five Cambodian consumers has not used cash at some point, and nearly half of them say they can give up cash for more than a week. Among those who have not tried cashless, 29% believe they can rely on cashless alternatives for a month or more.
Cards and OR codes become popular
In terms of technological means of digital payments, 83% of Cambodians now pay with a card, with nearly 68% of those with both an e-wallet and a card preferring the latter. At the same time, the use of QR code payments has tripled year-on-year, with 36% of Cambodian consumers now paying with QR codes. QR code payment is the second most popular payment method in all spending categories, especially in supermarkets and convenience stores.
Digital banking is also catching up with traditional banks, as 60% of consumers now have a mobile banking app, appreciating the security of mobile payments (51%) and the health benefits of reduced physical contact (50%).
“Consumers believe that Cambodia is likely to become a cashless society within the next four years, regardless of the impact of Covid-19,” Chum said.
The Visa study covered seven countries in Southeast Asia, with Vietnam seeing the fastest adoption of cashless payments.
