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Credit Card Fraud Statistics and Trends in Cambodia Revealed
New research by Visa has shed light on the growing use of digital payment services in Cambodia, with the country showing consistent trends with its Southeast Asian neighbors.
Increasing Use of Credit and Debit Cards
According to the Visa Consumer Payment Attitudes Study 2022, the use of credit and debit cards in Cambodia increased by 13% last year from 2020. The study also found that interest in contactless cards rose to 58% among those surveyed, up from 42% in 2021.
Growing Interest in Digital Banking Services
Cambodians are increasingly embracing digital banking services, with interest jumping by 30 percentage points in the last year alone. Virtual banking is particularly popular, with 76% of respondents showing interest in digital banking services offered by traditional banks and 66% interested in those provided by new players.
Key Findings
- Interest in contactless cards: 58%
- Interest in digital banking services offered by traditional banks: 76%
- Interest in digital banking services offered by new players: 66%
Potential for MSMEs to Benefit from Cashless Payments
The study also highlights the potential for micro, small, and medium-sized enterprises (MSMEs) to benefit from the shift towards cashless payments. With 76% of respondents saying they shop at MSMEs at least once a week and 66% paying in cash, businesses that can adopt digital payment solutions are likely to see an enhanced customer experience and business growth.
Impact of COVID-19 on Spending Patterns
The COVID-19 pandemic has also had an impact on spending patterns across the region. A majority of Cambodians say they are now saving more for the future and setting aside bigger budgets for essentials such as food and healthcare.
Key Findings
- Purchasing goods in installments: 81%
- BNPL plans taken up over the last two years: 6.6 per person
Visa’s Commitment to Promoting Cashless Payments
Visa has announced its commitment to promoting the use of insurance and other financial planning solutions in Cambodia. The company is offering vouchers for AEON online purchases when customers use any Visa card to purchase a Prudential Digital policy until October 31, 2023.
Growing Commitment to Environmental Sustainability
The study also highlights the growing commitment to environmental sustainability among Cambodian consumers, with many actively looking for brands that focus on ESG (environmental, social, and corporate governance) principles.