Cambodia’s Cashless Transaction Surges Markedly during Pandemic Period
AKP Phnom Penh, June 2022 --
Payment and settlement systems in Cambodia have developed significantly in recent years, especially the electronic payment systems and the COVID-19 pandemic has accelerated the use of cashless transactions, the National Bank of Cambodia (NBC) said.
The value of retail electronic payments has steadily increased to almost four times of the GDP, and the number of e-wallet accounts has surged to 13.6 million, representing more than 80 percent of the total population, the NBC said in the Financial Stability Review 2021 issued recently.
The large share of the young in the population, high mobile phone and internet penetration, and supportive regulatory framework encouraged banks and financial institutions to introduce innovative digital payment services with many agents nationwide have also markedly contributed to promoting financial inclusion, the NBC explained.
“The use of electronic payment systems has increased substantially, reflecting growing adoption and confidence from the public,” it said.
In line with advancement in financial technology and the government’s policy toward the digital economy, the NBC encourages and supports innovation and provision of digital financial services to reduce costs, improve interoperability and promote financial inclusion.
“The timely introduction of new electronic payment systems by NBC in recent years has provided efficient and convenient platforms for secure and smooth payment transactions amid the pandemic,” it added.
In 2021, the value of retail electronic payments include both KHR and USD payment transactions through the e-wallet of banks and financial institutions and payment service institutions, internet banking, card payments, and Bakong, markedly expanded 34.5 percent to KHR415.4 trillion (approximately US$102 billion), equivalent to 3.8 times of GDP.
By Chea Vannak