Pandemic Drives Sharp Growth in Digital Transaction in Cambodia: NBC

COVID-19 pandemic, together with Internet and mobile usages has driven sharp growth in mobile payments in Cambodia, said the National Bank of Cambodia (NBC) Governor H.E. Chea Chanto on Thursday.

The online transaction has been on the trend of rapid growth while the number of mobile subscribers reached 19.6 million and internet subscribers 18 million, he said in an annual meeting to review the NBC’s work achievements in 2022 and set objectives for 2023.

The Cambodian payment system, especially the Bakong and KHQR (KHQR) system, facilitates cross-bank and financial institutional payments, boosts the financial environment, and raises the profile of the Cambodian payment system on the international stage for its high creativity and innovation, he said.

“Since the COVID-19 crisis, online trading has grown rapidly and electronic payment methods have become increasingly popular across the country,” he noted.

To keep up with this rapid development, the payment system is constantly being modernised to facilitate payments in an efficient, secure and fast economy, the NBC governor added.

“The benefits of modernising the payment system were clearly demonstrated during the lockdown, supporting the online business operations and the Royal Government's socio-economic protection measures in the transfer of benefits to workers and the poor and vulnerable in an immediate and transparent manner,” H.E. Chea Chanto said.

Source: Agency Kampuchea Press