NBC: Digital Payment Value Rose from $400 Billion to $492 Billion in 2023

Phnom Penh: Payments are now increasingly being made through digital systems, particularly by scanning QR codes, driving strong year-on-year growth in the use of digital payment systems in Cambodia. This is according to a press release issued by the National Bank of Cambodia on March 29, 2024.

According to the National Bank of Cambodia’s press release, digital payment transactions in Cambodia have grown rapidly in recent years through the use of credit cards, debit cards and money transfers, and especially QR code scanning for payments. These payment options are available at businesses ranging from small shops to large stores and are found almost everywhere across the country. This development has been supported by the successive introduction of modern payment systems, enabling payments across institutions, the expansion of QR code payment apps and the establishment of QR code standards, among other measures. These advances have made digital payments convenient, safe and fast, particularly as the number of smartphones in use has risen to more than 19 million—exceeding Cambodia’s total population of more than 16 million.

The press release added that the number of digital payment transactions in both riel and US dollars increased from 1,100 million in 2022 to 1,786 million in 2023. The total value of digital payment transactions in both riel and US dollars rose from US$400 billion in 2022 to US$492 billion in 2023, equivalent to approximately 16 times gross domestic product. Among the payment systems, use of the Bakong system increased significantly. By the end of 2023, customers had opened a total of 27.6 million accounts, and payments could be made at more than 2.9 million merchant and service locations. ៕