Cambodia’s Mobile Payment Transactions Skyrocket in 2021

Cambodia’s Mobile Payment Transactions Skyrocket in 2021

Number of mobile payment users in Cambodia saw an increase by 42 percent to 13.6 million in 2021, according to the National Bank of Cambodia (NBC), explaining that COVID-19 situation has encouraged more people to use electronic payments.

NBC’s figures show that in 2021, there were in total 13.6 million mobile payment users, up from 9.5 million in 2020.

The mobile online payment transactions were 707.57 million in 2021, a year-on-year increase of 52.9 percent, of which 157.63 million transactions were in KHR.

The total online payment transactions were amounted to US$113.67 billion last year, up from US$95.31 billion in 2020.

FinTech companies opening up and the trend to use mobile payments due to pandemic are the main factors driving the growth in mobile payments, H.E. Ms. Chea Serey, Assistant Governor and Director General of Central Banking of NBC underlined.

“COVID-19 situation has encouraged more people to use mobile/electronic payments rather than cash,” she said.

“Younger generations tend to use more modern methods such as online payments rather than paying by cash,” she continued.

As of 2021, there were 69 financial institutions providing mobile payment services in Cambodia. AKP