Cambodia sees surge in e-wallets
Cambodia sees surge in e-wallets
Cambodia witnessed a significant surge in electronic payments in 2023, driven by a growing appetite for digital financial services and a tech-savvy population.
According to the National Bank of Cambodia’s (NBC) Financial Stability Review (FSR) report, the number of registered e-wallet accounts skyrocketed to 19.7 million as of 2023, representing a substantial leap compared to the previous year’s figures.
Of this, 10.2 million were registered with banks and financial institutions and another 9.5 million at payment service institutions, read the report.
The total value of e-wallet payments increased by 76.4 percent to $111.7 billion and the number of transactions also jumped 73.5 percent to 811million transactions, stated the report.
Banks and financial institutions have been instrumental in introducing innovative solutions, catering to the evolving needs of customers. User-friendly apps and mobile banking platforms have made financial transactions effortless, from bill payments and fund transfers to loan repayments and phone top-ups, read the review.
The widespread adoption of mobile phone technology has also played a critical role in propelling Cambodia’s digital payment revolution.
The growing mobile phone and internet penetration rates coupled with the availability of user-friendly digital financial services have enabled more customers to conduct a wide range of digital banking operations, including loan payments, fund transfers, bill payments, phone top-ups, payrolls, balance enquiries, etc, according to FSR.
This growth indicates a significant shift away from cash-based transactions and towards a more digital financial landscape. This also aligns with the Cambodian government’s ambitions to foster a digital economy and society.
The surge in e-wallet adoption and mobile transactions is a positive sign for Cambodia’s digital transformation, in line with the government’s digital policy, said Cambodia Digital Tech Association President Chhin Ken.
“I am confident that this trend will continue, driven by continued innovation and collaboration between financial institutions, technology companies, and the government,” Ken told Khmer Times.
The NBC, meanwhile, asked for vigilance amidst this rapid digitalization.
NBC has continuously paid attention in enhancing cyber security, managing operational risk, and promoting customer protection to maintain public confidence and safeguard financial stability, its Governor Chea Serey said.
