![\"\"](\"https:\/\/capitalcambodia.com\/wp-content\/uploads\/2020\/04\/Tomas-Pokorny-Pi-Pay-CEO-Siv-Channa.jpg\")
More than 50 payment companies are offering cashless services to customers, a rise of between five and 10 payment companies in the past two years, according a report from Mekong Strategic Partners (MSP), in which it said the total cashless digital payment market\u00a0 in Cambodia was estimated at $2.21 billion in 2019, a 38 percent rise from the year before.<\/p>\n
The cashless digital payment market in Cambodia is expected to be worth $3.46 billion in 2020 but the non-digital payment will still remain large, the company stated.<\/p>\n
\u201cFewer than 10 percent of users are now adopting financial technology through bank accounts or mobile apps,\u201d said Bora Kem, an investment manager at MSP, that, specialises in the Greater Mekong Region. \u201cHowever, the majority of consumers still depend on money transfers and payment agents such as Wing and TrueMoney among others,\u201d he said, adding that more than 1 million users are using financial technology to conduct transactions through money transfers or payment agents.<\/p>\n
\u201cThere are still a lot of people who are not aware that mobile phones can be used to conduct transactions, so opportunities are there,\u201d Bora explained, adding that the local market has little awareness of using mobile phones for daily transactions and needs more.<\/p>\n
Tomas Pokorny, CEO of Pi Pay, a digital wallet for Cambodia, said there will be a much-heightened awareness around cashless payments after the health crisis. He added that hygiene is the number one priority in combating COVID-19, and people are more cautious of the items they come into contact with, including cash.<\/p>\n
Like door handles or other frequently touched surfaces, cash can carry the virus and spread it on contact.<\/p>\n
In an effort to support the regulators especially in the current situation, Pokorny said\u00a0 all retailers and businesses are encouraged to opt for cashless payments to keep their employees and customers safe. \u201cTo this end, Pi Pay is making it easier for everyone to accept cashless payments free by utilising our user-merchant blended model,\u201d he said.<\/p>\n
\u201cWe are confident that people are now more receptive to make that behavioural switch from cash to cashless,\u201d he noted.<\/p>\n
He said the trend in the use of mobile payment platforms in Cambodia continues to grow because a number of firms entered the market in recent years.<\/p>\n
\u201cWhile we see a trend of growth in the use of digital payments, there is still room for improvement in terms of adoption rates, especially among the rural population.At Pi Pay, integration with the formal financial sector remains a key priority for us. By partnering with established banks and MFIs across the country, both city residents and rural folks can easily use digital payments,\u201d he explained.<\/p>\n
Increased security, minimised instances of fake bills or incorrect change and greater efficiency, which all of these have encouraged more and more users and merchants to appreciate the convenience of going cashless.<\/p>\n
Despite the Cambodian economy being heavily reliant on cash, new methods of paying electronically are gaining traction with consumers.<\/p>\n
Based on Visa\u2019s latest Consumer Payment Attitudes Study, 79 percent of respondents expect to be using cashless payments at supermarkets and hypermarkets in the future.<\/p>\n
A third of Cambodian respondents are interested in using cards to make contactless payments and a little over a third (36 percent) are interested in using smartphones to make contactless payments.<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
With concern about the possible spread of the potentially deadly COVID-19 may survive for days on banknotes, there are more calls for a cashless society.<\/p>\n","protected":false},"author":3,"featured_media":2159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_FSMCFIC_featured_image_caption":"Dreamstime","_FSMCFIC_featured_image_nocaption":null,"_FSMCFIC_featured_image_hide":null,"footnotes":""},"categories":[3],"tags":[491,786],"yoast_head":"\n