Visa: Cambodians shift away from cash to digital payments

This follows a shift from cash to digital and contactless payments, especially QR codes and e-wallets, as Visa underlined in its news release.

The pandemic has accelerated the adoption of digital payments among Cambodian consumers as they believe going cashless will make society more hygienic (43%), efficient (39%), and environmentally friendly (37%), it added.

According to the news release, since COVID-19, cash usage dropped 22% in the past year. One in five Cambodian consumers have tried going cashless, with almost half of them (46%) claiming they could go for longer than a week. Of those who have not tried going cashless, 29% are confident they could last for a month or longer by relying on cashless alternatives.

The study also showed an accelerated adoption of cashless and digital payments, especially cards and QR codes. 38% of Cambodians now use card payments and almost 7 out of 10 consumers (68%) who have both e-wallets and cards show a preference for the latter. Meanwhile, QR payment usage tripled over year with 36% of consumers in Cambodia now using it. QR payment is the second-most-popular payment form in all spending categories, especially in supermarket and convenience store purchases.

Consumers are also showing a clear preference for mobile applications where they can access greater choice and integrated payment features. Digital banking has also caught up with traditional banking as 60% of consumers now install mobile banking apps, appreciating the security of mobile payments (51%) and the health benefits associated with reduced physical contact (50%).