Logo of Phnom Penh Post newspaper Phnom Penh Post - NBC: E-wallet accounts in Cambodia hit 17.9M in 2022

NBC: E-wallet accounts in Cambodia hit 17.9M in 2022

Content image - Phnom Penh Post
A customer uses a smartphone to scan a QR code for payments. SUPPLIED

NBC: E-wallet accounts in Cambodia hit 17.9M in 2022

The number of e-wallet accounts in the Kingdom reached 17.9 million at end-December amid an acceleration in electronic payment volumes driven in part by Covid-19 anxiety, reflecting gradual fintech (financial technology) development towards achieving the government’s digital economy objectives.

The figure was revealed by the National Bank of Cambodia’s (NBC) “Macroeconomic and Banking Sector Development in 2022 and Outlook for 2023” report, which noted that newer advanced technological solutions and upgrades have led to an increase in “the efficiency of payment and settlement in both domestic and international transfers”.

The central bank added that “regional connectivity with other countries has also been strengthened to help facilitate interoperability between banks and financial institutions, thus promoting trade, investment and tourism”.

Cambodia Post Bank Plc (CPBank) CEO Toch Chaochek told The Post on January 22 that digital payment growth in the Kingdom has gradually been picking up speed over the last few years, especially during the pandemic, as technological innovations make paying for goods and services even more convenient.

This trend “underscores that our people are gaining a greater understanding of and are becoming more accustomed to using fintech solutions as daily life payment options.

“This has also improved financial literacy and inclusion in Cambodia,” he said, sharing that e-wallet accounts at CPBank have passed the 200,000 mark and have been rising significantly each year.

NBC assistant governor and director-general Chea Serey in June said that fast-growing digital payment systems have facilitated the flow of goods and services transactions, adding that the resulting changes were most evident during the Covid-19 lockdowns in 2021.

She also pointed out that electronic payment transactions, including amounts in US dollars and the local currency, were equivalent to about 3.8 times the 2021 gross domestic product (GDP), suggesting a GDP estimate of roughly 0.11 quadrillion riel ($27 billion) for 2021.

For reference, the NBC had reported that electronic payment transactions worth 415.5 trillion riel were made nationwide in 2021, marking a 34.5 per cent rise over 2020, as the number of e-wallet accounts reached 13.6 million, amounting to more than 80 per cent of the total population.

Some 343.8 million transactions worth nearly 200 trillion riel were made via e-wallet accounts in 2021, representing a 17.3 per cent increase in value over 2020, the central bank said in its 2021 Financial Stability Review (FSR).

ACLEDA Bank Plc senior executive vice-president and group chief operations officer So Phonnary said the digital transactions processed by the bank in 2021 amounted to 143.623 trillion riel, or $35.030 billion, which she said accounted for a 34 per cent market share. As of May, the ACLEDA Mobile app had more than 2.5 million downloads.

Advanced Bank of Asia Ltd (ABA Bank), meanwhile, reported the total digital transaction volume on its ABA Mobile app at “almost $100 billion” as of June 30, 2022.

MOST VIEWED

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry using ChatGPT AI to ‘ease workload’; Khmer version planned

    The Digital Government Committee is planning to make a Khmer language version of popular artificial intelligence (AI) technology ChatGPT available to the public in the near future, following extensive testing. On March 9, the Ministry of Post and Telecommunications revealed that it has been using the

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to