Payments Landscape in Cambodia: Opportunities and Risks to 2022
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Cash remains prevalent in Cambodia, primarily due to its high unbanked population, inadequate banking infrastructure, limited public awareness of electronic payments and low acceptance of payment cards at merchant outlets. One of the major challenges to the growth of card-based payments in Cambodia is the practice of charging additional fees in the form of surcharges by merchants. However, international scheme providers such as Visa and Mastercard, along with commercial banks, are educating customers and merchants of the benefits of card-based payments, and are working to remove the practice of surcharging.
With concerted efforts by the Cambodian government and the National Bank of Cambodia (NBC), the use of cash is anticipated to decline gradually in the long term. As part of the government's financial inclusion program, a number of banking agents, microfinance providers and specialized mobile banking service providers are being employed to provide access to financial services in underserved areas. Consequently, the number of payment cards in circulation, transaction volume and transaction value recorded robust growth during the review period (2014-18e) - a trend that is anticipated to continue over the forecast period (2018e-22f).
Debit card adoption is gradually growing, supported by the government's financial inclusion program. The percentage of the banked population (aged 15+) in Cambodia increased from 12.7% in 2014 to 24.4% in 2018. To further enhance financial inclusion, the NBC allowed licensed micro-finance institutions (MFIs) and rural credit-specialized banks to offer basic banking services to their customers.
The pay-later card market is at the nascent stage, accounting for a tiny share of 1.9% of total payment card value in 2018. As most of the Cambodian population belong to the lower and middle class segments, and with the majority residing in rural areas, credit card use and exposure is very low. Banks also offer overdraft facilities, thereby reducing the need for a separate credit card.
To offer convenient payment solutions to their customers, all major banks in Cambodia are now developing their own mobile apps. AEON Specialized Bank launched a mobile app called AEON Wallet Cambodia in April 2018, allowing users to make in-store payments by simply scanning the merchants QR code. In July 2016, Maybank launched the Maybank2u app, enabling customers to transfer funds as well as make a payment by scanning a QR code. Similarly, ABA Bank is offering ABA PAY to allow users to make in-store and online payments by scanning merchant's QR code.
The report "Payments Landscape in Cambodia: Opportunities and Risks to 2022", provides a top-level market analysis, information and insights into the Cambodian cards and payments industry, including -
Companies Mentioned: ACLEDA Bank, Advanced Bank of Asia, Canadia Bank, Phnom Penh Commercial Bank, ANZ Royal Bank, AEON Specialized Bank, Union Commercial Bank, Cathay United Bank, Visa, Mastercard