Logo of Phnom Penh Post newspaper Phnom Penh Post - Visa card payments rise amid Covid

Visa card payments rise amid Covid

Content image - Phnom Penh Post
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.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10