Generally, the adoption
of eWallet and online payment in Cambodia is mushrooming as Cambodia embrace
the digital economy. This comes following the National Bank of Cambodia urging
people to adopt cashless payment methods in light of the COVID 19 pandemic. In
late 2019, the Government has enacted the eCommerce Law, making Cambodia the
last member country in ASEAN to adopt the fastest growing Internet market.
According to 2019
figures of the Ministry of Posts and Telecommunications, about 15.8 million, or
98.5 percent, out of the kingdom's 16.2 million people have access to the
Internet, most of them get online via smartphones.
It is thought that are more
than 15 active eWallets competing for market share; with the top 10 players
from the telecommunications and banking sector. Mostly eWallets apps in
Cambodia are either linked to a bank account or via mobile prepaid top-up. Based
on a KPMG report in 2018, there are less than 5% of Cambodians have a bank
account. This render eWallets that are linked to bank accounts serve only a
niche market.
Plus Business Consulting,
a business consulting company has developed an eWallet idea combining eCommerce
and Social Media platforms. All one needs is a Facebook or Instagram account to
make payment at the merchant counter or make an Internat purchase and the
merchant will send the payment receipt or Invoice to the Messanger inbox.
The Telecommunications Regulator of Cambodia reported that
Cambodia has 7 million Facebook users at the end of 2019. A recent statistic
released by Kepios, a renowned Social Media marketing agency, Cambodia has 9.78
million Facebook users in January 2020 which is about 60.37 percent of the
kingdom's population.
We hope this will encourage more Cambodians to adopt cashlessly
payment methods.
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