Visa, the world’s leader in digital payments, today released research that details the rise of mobile and social commerce and a greater readiness among Cambodians to go cashless.
The Visa Consumer Payment Attitudes study has shown an acceleration in online shopping through apps and social media channels fueled by COVID-19 lockdowns. The pandemic has been a catalyst for growth in online purchases and cashless payments, with more than half of the population (64%) now using delivery services, including 28% first time users during the pandemic.
“A growing number of Cambodians are making their first online purchases and are trying new payment options. Visa continues to roll out innovative payment solutions on consumers’ favorite shopping platforms, including the ability to save their card-on-file to make future purchases fast and convenient without having to worry about the security of their information,” Ms. Monika Chum, Visa Country Manager for Cambodia said.
The rise in online shopping translated into matching increases in mobile and social commerce. Mobile is the more established form of eCommerce used by 56 percent of Cambodians while a third of consumers (33 percent) shop using both web browser and mobile applications. Simplicity seems to be key as 56 percent of consumers show a strong preference for using a single app to handle all their transactions and 44 percent actually doing so with one mobile wallet installed on their phone.
Cashless payments are also being used more frequently to avoid personal contact and the spread of infection. QR code payments and online wallets saw the highest usage at an average six and seven times a month. Instalment payments are also growing with 76 percent of Cambodians showing awareness and 24 percent having paid using installments in the past two years.
The COVID-19 pandemic has accelerated cashless payments adoption in the Kingdom due to the convenience and security they offer. The majority of consumers (70 percent) feel their personal information is at least somewhat safe when making payments with a mobile phone. While 33 percent of consumers tried shopping on social media platforms for the first time during COVID-19 due to it being an exciting experience.
“We are on a long road, but the journey towards a cashless society is a clear possibility for Cambodia. Even as accessibility and ease of use remain top interests, significant growth can be achieved through better product education and continued innovation to provide even more user-friendly solutions,” added Ms. Monika Chum.
Source: Agency Kampuchea Press