Visa, the global leader in digital payments, today released a study that details the rise of mobile and social commerce and Cambodians’ greater willingness to use cashless.
The Visa Consumer Payment Attitudes study has shown an acceleration in online shopping through apps and social media channels fueled by COVID-19 lockdowns. The pandemic has been a catalyst for the growth of online shopping and cashless payments, with more than half of the population (64%) now using delivery services, including 28% new users during the pandemic.
âA growing number of Cambodians are making their first purchases online and trying new payment options. Visa continues to deploy innovative payment solutions to consumers’ preferred shopping platforms, including the ability to save their card on file to make future purchases quickly and easily without having to worry about the security of their information. â, Ms. Monika Chum, said the national director of Visa for Cambodia.
The increase in online shopping has translated into a corresponding increase in mobile and social commerce. Mobile is the most established form of e-commerce used by 56% of Cambodians, while a third of consumers (33%) shop using both a web browser and mobile apps. Simplicity seems to be the key, as 56% of consumers show a strong preference for using a single app to manage all their transactions and 44% do so with a mobile wallet installed on their phone.
Cashless payments are also used more frequently to avoid personal contact and the spread of infection. QR code payments and online wallets were used the most, averaging six and seven times per month. Installment payments are also increasing, with 76% of Cambodians aware and 24% having paid in installments in the past two years.
The COVID-19 pandemic has accelerated the adoption of cashless payments in the Kingdom due to the convenience and security they offer. The majority of consumers (70%) feel that their personal information is at least somewhat protected when making payments with a mobile phone. While 33% of consumers tried shopping on social media platforms for the first time during COVID-19 because it was an exciting experience.
âWe are on a long road, but the path to a cashless society is an obvious possibility for Cambodia. While accessibility and ease of use remain top interests, significant growth can be achieved through better product training and continuous innovation to provide even more user-friendly solutions, âadded Ms. Chum. C. Nika – AKP
- Keywords: digital payments, social commerce