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Visa card payments rise amid Covid

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Contactless card use, digital wallet payments and card payments jumped by 31 per cent, 17 per cent and 29 per cent, respectively, during Covid, according to the survey. Hong Menea

Visa card payments rise amid Covid

Visa card transactions – including contactless payments – have increased by more than 71 per cent during Covid, global payment processing giant Visa Inc told a May 31 online press conference on a survey of Visa card users’ payment habits.

Chum Monika, managing director of Visa in Cambodia, told the conference that more Cambodian customers are accepting digital payments in 2020-2021, propelling tremendous growth in the market.

According to the National Bank of Cambodia (NBC), more than 59 per cent of Cambodians currently conduct payment transactions online, which the central bank says reflects its stalwart backing of digital and electronic payment services in line with its pursuit of financial inclusion throughout the Kingdom.

NBC assistant governor and director general Chea Serey recently said: “As the regulator in banking sector in Cambodia it is vital that we work with the industry as part of our concerted national effort to battle the Covid-19 pandemic.

“This is why we are encouraging all Cambodians to use e-wallets and payment platforms such as Bakong instead of banknotes, because they minimise contact and risk.”

At May 31’s press conference, Visa also presented results of the survey, which covered more than 7,500 people in ASEAN countries, including Cambodia.

Monika stressed that consumers have significantly changed their shopping habits and rushed to digital payment options since the outbreak of the novel coronavirus. The survey found that 44 per cent of respondents carry less cash in their wallets than before the pandemic.

“Security and the financial inclusivity are the main reasons for using digital payments,” she said.

The survey showed that 34 per cent of respondents claimed that digital payments would reduce the risk of infection, while 32 per cent said they would improve financial inclusion and provide other benefits.

Contactless card use, digital wallet payments and card payments jumped by 31 per cent, 17 per cent and 29 per cent, respectively, during Covid, according to the survey.

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