Cambodia Cards and Payments – Opportunities and Risks to 2028

Cambodia Cards and Payments Market Report Overview

The annual value of card transactions in the Cambodia cards and payments market is $8.8 billion in 2024. The market will grow at a CAGR of more than 17% during 2024-2028. The combined efforts of the government and financial institutions are steadily shifting the Cambodian payments market towards electronic payments, thereby promoting cashless payments.

Cambodia Card Transactions Outlook, 2024-2028 ($ Billion)

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The Cambodia cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Cambodian cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Cambodia Cards and Payments Market Dynamics

The uptake of payment cards in Cambodia remains low due to consumers’ preference for cash, coupled with limited acceptance of payment cards at merchant locations. However, as the Cambodian payments landscape is gradually evolving from cash to electronic payments,  card payment transaction volume is also increasing. The ongoing expansion of e-commerce, the adoption of contactless payments, and the rise of digital-only banks are key factors driving electronic payment usage. The introduction of the domestic card scheme Cambodian Shared Switch (CSS), and standardized interoperable KHQR (Khmer QR Code) are expected to drive overall electronic payments in the country.

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Cambodia Cards and Payments Market Segmentation by Payment Instruments

Cash have the highest transaction volume in the Cambodian payments space in 2024

The key payment instruments in the Cambodian cards and payments market are cash, credit transfers, cards, and cheques. Traditional habits and a high unbanked population in Cambodia are the reasons behind the strong consumer preference for cash. Hence, the country has a predominantly cash-based economy.

Cambodia Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2024 (%)

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Cambodia Cards and Payments Market Segments

Debit cards are estimated to dominate the payment card market in 2024

The key segments in the Cambodia cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Card-Based Payments: Limited financial awareness and inadequate infrastructure have resulted in a low estimated debit card penetration in 2024. However, the government and commercial banks have taken steps to promote financial inclusion, to bring the large unbanked population under the scope of the formal banking system.

Cambodia Cards-Based Payments Market Analysis, 2024 (%)

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Cambodia Cards and Payments Market - Competitive Landscape

A few of the leading players in the Cambodia cards and payments market are:

• ACLEDA Bank
• ABA Bank
• Sathapana Bank
• Canadia Bank
• KB Prasac

The Cambodian debit card market is highly concentrated in terms of transaction value. Banks target specific consumer segments to boost debit card adoption. They offer customized cards to target specific customer segments. Furthermore, banks offer virtual and co-branded debit cards to their customers.

Cambodia Cards and Payments Market Analysis by Players, 2024

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Cambodia Cards and Payments Market - Latest Developments

• In May 2023, Sathapana Bank collaborated with Mastercard to launch its “Tap on Phone” service in Cambodia, enabling business owners to accept cashless payments using mobile phones. This transforms any NFC-enabled Android smartphone into a payment device and enables merchants to accept payments from contactless cards, mobile wallets, and smartwatches.
• At the same time, Zara introduced its online store in Cambodia as an attempt by an international brand to capitalize on the e-commerce growth in the country.

Segments Covered in the Report

Cambodia Cards and Payments Instruments Outlook (Value, $ Billion, 2020-2028)

• Cash
• Credit Transfers
• Cards
• Cheques

Cambodia Cards and Payments Market Segments Outlook (Value, $ Billion, 2020-2028)

• Card-Based Payments
• E-commerce Payments
• Alternative Payments

Scope

The report provides:

• Current and forecast values for each market in the Cambodian cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cash, credit transfers, cards, and cheques. It also includes an overview of the country’s key alternative payment instruments.
• E-commerce market analysis.
• Analysis of various market drivers and regulations governing the Cambodian cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• An overview of the competitive landscape of the Cambodian cards and payments industry.

Key Highlights

To boost non-cash payments, in July 2022 the National Bank of Cambodia (NBC) launched the KHQR, a standardized QR code payment system. This system guides how payment services providers and banks issue QR codes for consumers and businesses to make digital payments. The standardized QR code increases interoperability of digital payments across various institutions and mobile money networks. Within a year of its rollout, KHQR recorded nearly 400,000 transactions.

Visa’s Consumer Payment Attitudes Study 2022 highlights the growing adoption of digital payments in Cambodia, with 68% of respondents using QR codes, a significant jump from 12% in 2020. Interest in contactless cards is also increasing, especially among younger generations, due to their speed and convenience. While cash is still widely used, the study indicates a gradual shift towards a less-cash society. This trend opens up significant opportunities for expanding cashless payment options, particularly among small and medium-sized retailers, supporting Visa’s digitalization efforts in Cambodia.

In July 2020, the NBC launched Bakong, a payment system, in collaboration with commercial banks and micro-finance institutions. This service allows consumers to transfer funds and make payments for goods and services in Cambodian riel and US dollars. Both the sender and the recipient must have accounts with participating financial institutions to use Bakong. For account-based transfers, the maximum limit per transfer is KHR200 million ($48,255.41), whereas for mobile phone number-based transfers the maximum limit per transfer is KHR4 million ($965.11). Bakong can be used at ATMs, as well as via internet and mobile banking platforms.

Reasons to Buy

• Make strategic business decisions using top-level historical and forecast market data, related to the Cambodia cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Cambodian cards and payments industry.
• Assess the competitive dynamics in the Cambodia cards and payments industry.
• Gain insights into marketing strategies used for various card types in Cambodia.
• Gain insights into key regulations governing the Cambodian cards and payments industry.