Visa, the global leader in digital payments, has released findings from its latest Visa Consumer Payment Attitudes study, with 44 percent of Cambodians saying they are carrying less cash now than before the start of the pandemic.
According to Visa’s data, contactless payments are growing in popularity in Cambodia with two in every three (71 percent) Visa transactions being contactless. The year-on-year growth of the value of eCommerce transactions grew around four times from the last quarter of 2020 to the first quarter of 2021.
Visa’s Consumer Payment Attitudes study provides renewed signs that now is the time for change in payment behaviour. The main benefits of a cashless society highlighted by respondents include the reduced risk of the spread of infection (34 percent), followed by promoting financial inclusivity (32 percent), a more efficient society and less hassle (both 29 percent).
“During this difficult period, we should be looking at how to develop cashless payments across the country. While cash continues to be a preferred option for many Cambodians, now is the time to raise awareness among the community by promoting the speed, convenience and security that cashless payments have to offer,” said Visa Country Manager for Cambodia, Monika Chum.
Cashless payments growth is being driven by QR code payments and card payments among Cambodian consumers. In addition, among those not yet using contactless payments, 45 percent say they are interested in using them in the future.
These increases coincide with a growing interest in alternative payment options. QR code payments have seen a spike in use among consumers looking to carry less cash, particularly for bill payments and food and dining (both increasing 25 percent). The driving force behind this has been the pandemic, with an 8 percent drop in people using cash, compared with a 44 percent bounce among those opting to use QR codes to make payments on the grounds of increased protection from COVID-19.
“We know consumers expect the act of paying to be fast, secure and convenient and that’s why contactless payments are often the payment method of choice for small-ticket-size transactions and everyday spending. Once there’s broad contactless acceptance available at the places where people regularly shop [such as] supermarkets, convenience stores and petrol stations, contactless quickly becomes the default payment method for most of their face-to-face transactions. This presents an opportunity for Visa to collaborate with our partners to accelerate contactless payments across the country,” added Monika Chum.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.