Cambodian consumers embracing digital payments as a new way to pay
Visa Consumer Payment Attitudes study finds security and convenience among top reasons driving digital payments growth
Visa, the world’s leader in digital payments, has today released figures that show Cambodians are embracing digital payments with 43 percent year-on-year growth in total value of purchases made using Visa cards and 58 percent growth in the number of transactions1.
This data, which compares spending over the 2017 to 2018 calendar years, is supported by findings from the recently released 2018 Visa Consumer Payment Attitudes Study. The study found around a third of Cambodians expect digital payments will grow in popularity due to their convenience and security compared to cash, while 54 percent of Cambodians believe the economy can go fully cashless within the next seven years2.
The study also found that consumers see many scenarios in which electronic payments are likely to be used, with 79 percent expecting to see them used in supermarkets, 61 percent in large shopping malls, and 49 percent in chain and convenience stores.
Ms. Chum Monika, Visa Country Manager for Cambodia, said: “Cambodians have reason to feel optimistic about the economy, with the Asian Development Bank forecasting 7 percent GDP growth this year, and just under 7 percent next year3. Given this strong growth, it stands to reason that they also expect to see the country’s payment systems developing rapidly, and at Visa, we’re excited to be working with financial institutions, merchants, and consumers to turn these expectations into reality.”
Cambodians are also showing enthusiasm for new payment technologies, with 24 percent of those surveyed interested in mobile payments, while roughly one third are interested in contactless payments. When it comes to mobile payments, the study also found health and fitness, retail, entertainment and travel are the top categories that respondents would be likely to transact using a mobile app.
A third of Cambodians also showed interest in making payments by scanning a QR code—a technology Visa launched in Cambodia late last year in partnership with the banks. QR payments are now accepted at more than 1,326 outlets—twice as many outlets as when the technology was launched.
“We’re excited to see the enthusiasm demonstrated by Cambodians towards the adoption of digital payments. We’re committed to working with the government and our banking partners to introduce new payment innovations that deliver faster, more convenient and more secure ways to pay and be paid for everyone in Cambodia,” added Monika.
1 VisaNet data Jan-Dec 2017 vs Jan-Dec 2018.
2 The Visa Consumer Payment Attitudes Study 2018 was conducted by Intuit Research on behalf of Visa in August 2018. The research was conducted amongst 4,000 consumers in Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Myanmar, and Cambodia.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.