Phnom Penh: On 1 of June 2021, Visa the global leader in digital payments, has today released findings from its latest Visa Consumer Payment Attitudes study, with 44 percent of Cambodians saying they are carrying less cash now than before the start of the pandemic.
According to Visa’s data, contactless payments are growing in popularity in Cambodia with two in every three (71 percent) Visa transactions being contactless. The year-on-year growth of the value of eCommerce transactions grew around four times from the last quarter of 2020 to the first quarter of 2021.
Visa’s Consumer Payment Attitudes study provides renewed signs that now is the time for a change in payment behaviors. The main benefits of a cashless society highlighted by respondents include the reduced risk of the spread of infection (34 percent), followed by promoting financial inclusivity (32 percent), a more efficient society, and less hassle (both 29 percent).
Ms. Monika Chum, Visa Country Manager for Cambodia said, “During this difficult period, we should be looking at how to develop cashless payments across the country. Whilst cash continues to be a preferred option for many Cambodians, now is the time to raise awareness among the community by promoting the speed, convenience, and security cashless payments have to offer.”
Cashless payments growth is being driven by QR code payments and card payments among Cambodian consumers. In addition, among those not yet using contactless payments, 45 percent say they are interested in using them in the future.
These increases coincide with a growing interest in alternative payment options. QR code payments have seen a spike in use among consumers looking to carry less cash, particularly for bill payments and food and dining (both increasing 25 percent). The driving force behind this has been the pandemic, with an eight percent drop in people using cash, compared to a 44 percent bounce among those opting to use QR codes to make payments on the grounds of increased protection from COVID-19.
Ms. Monika Chum added, “We know consumers expect the act of paying to be fast, secure, and convenient and that’s why contactless payments are often the payment method of choice for small-ticket-size transactions and everyday spending. Once there’s broad contactless acceptance available at the places where people regularly shop like supermarkets, convenience stores, and petrol stations, contactless quickly becomes the default payment method for most of their face-to-face transactions. This presents an opportunity for Visa to collaborate with our partners to accelerate contactless payments across the country.”
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 digital commerce on any device 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.
Photo by: Red Dot Cambodia Co., Ltd
