The universe QR code in Cambodia helps accelerate the leading e-payment usage in Southeast Asia. Nowadays, local electronic payment ranks first in Southeast Asia; the general electronic payment QR code launched by the National Bank of Cambodia has been officially used, and Cambodia is gradually transforming into a “cashless society”.
In the last three years since the epidemic, there are many industries have been hit by the crisis, but Cambodia’s electronic payment industry has ushered in new development opportunities. Under the impact of the epidemic and the encouragement of the local government, the banks and financial institutions in Cambodia continue to promote the strategic transformation of electronic payment technology. The strategy aims to minimize unnecessary contact during the payment process during the epidemic.
Now, there are many local merchants implementing bank cards or scanning codes. And those electronic payment methods are favored by the public. The collaboration with government support and encouragement, Cambodian electronic payment has ushered in booming development.
Recently, Visa released the “2021 Consumer Payment Attitude Research” report and pointed out that about 14% of consumers in Southeast Asian countries do not use cash to pay, among which Cambodia accounts for about 36% of people who do not use cash, ranking first in Southeast Asia. During the epidemic, Cambodia was also the first country in Southeast Asia to use mobile banking with a leading number of users, accounting for 29%.
E-wallets and cards dominate the Cambodian market, with 4 out of 10 Cambodians currently using e-wallets. There is 14% of the population owns both e-wallets and bank cards, and swipe card payments account for 23% of the market, a double increase from last year.
According to the research, 78% of the elderly prefer cash payment; non-cash payment methods are more popular among young people, of which 21% of young people like to scan a code to pay, and some choose to swipe cards. For specific users, scan the code at least 4 times a week for payment and online bank card payment.
QR code payment and swipe card payment have surpassed other cashless methods in terms of annual growth and market penetration, proving that both are emerging in the Cambodian market, where electronic payment methods are developing rapidly, and there are fewer and fewer people using cash locally.
Ms. Monica, manager of the VISA Cambodia branch, said that cardless payment is the latest and most popular payment method in Cambodia, and its fast, safe and convenient payment experience is favored by young consumers. Cambodians are rapidly accepting electronic payment methods, and their companies are providing solutions and popularizing applications for all parties to help the development of Cambodia’s digital economy.
To encourage consumers to pay cashless, create a convenient digital life, and promote the vigorous development of society and the economy, the Cambodian government has made great efforts to develop digital payment and electronic finance as important parts. Banks and financial institutions and hundreds of thousands of merchants have begun to use it.
On July 4, 2022, the National Bank of Cambodia officially launched the Electronic Payment QR Code (KHQR), allowing consumers to scan the code to complete inter-bank payment transactions.
The KHQR QR code is based on the “Bakong” system developed by the National Bank of Cambodia, and all banks and financial institutions are required to use standard QR codes to facilitate and encourage consumers to make cashless payments. It is reported that 37 banks and financial institutions have joined the system so far, of which 29 have started piloting the KHQR QR code and have 230,000 stores.
Chea Serey, assistant governor of the National Bank of Cambodia, said that Cambodia’s fintech system is constantly developing. Then the e-payment transactions are developing rapidly to support the government in developing the digital economy and society, and to promote efficient banking and financial services, the National Bank decided to launch KHQR as a universal QR code for electronic payments in Cambodia.
Consumers can use the mobile app of any bank member in the “Bakong” system to scan the KHQR QR code to complete inter-bank payment transactions. In addition, the National Bank of Cambodia has also cooperated with the Central Bank of Thailand to launch a QR code for cross-border electronic payment, allowing tourists from the two countries to make cross-border electronic payments in the other country.
The launch of NBC’s universal QR code in Cambodia has deployed the use of QR codes for e-payment spread fully. It not only help solved the problem of different banks and financial institutions effectively but also cultivated the local people to use electronic payment and adapt to the digital society. Thereby further promoting the process of data-based economic and social development. With the further popularization and promotion of electronic payment, Cambodia is quietly transforming into a “cashless society”.
