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Cambodia records sharp rise in digital payment
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IANS | 26 May, 2023
In a new report, the National Bank of Cambodia (NBC) said that the
country has witnessed a significant increase in mobile payments as more
people have transitioned from cash-based to digital options.
"The
trend of using payment services has been remarkedly increasing as
customers behaviours shifted from cash-based towards digital payments,"
the NBC's banking supervision report 2022 said.
"The number of
registered e-wallet accounts increased to $19.5 million and the total
number of transactions jumped from 708 million to 1 billion with a total
amount of $272.8 billion, increased by 34 per cent, approximately nine
times the gross domestic product (GDP)," the report said.
The
report said 35 payment service institutions (PSIs) have been licensed
and two banking and financial institutions (BFIs) have been authorized
to operate payment businesses by the end of 2022.
"Generally, the
products and services offered by these institutions are in the form of
digital payments that can be operated through mobile applications or at
various payment agents and other networks," it said.
"The use of
financial technology integrated into payment services is a factor for
enhancing financial inclusion, promoting competition, fostering
innovation, and improving public confidence in using payment services,"
it added.
Cambodia Post Bank's chief executive officer Toch
Chaochek said on Thursday that mobile payment services have gained
strong momentum over the past few years due to the Covid-19 pandemic.
"Since
the pandemic, we have seen that more and more people have switched to
using digital payments in their daily lives, while many financial
institutions have been improving their digital payment systems," he told
Xinhua.
Chaochek said more than 200,000 e-wallet accounts have been registered under the Cambodia Post Bank so far.
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