Phnom Penh: Digital banking is relatively new in the Kingdom but a recent study by Visa reveals that there is great potential for the growth of digital payments. Visa Country Manager for Cambodia, Monika Chum, says “Awareness remains a major stumbling block for the growth of digital payments, with only 19% of consumers knowing about digital banking, for instance. This means we have a great opportunity to drive interest and usage by simply awakening consumers to the options already at their disposal.”

A survey has found that out of all the people aware of digital payments, only 34% were using them. This is thought to be due to a lack of understanding around the perceived difficultly to set up the services on mobile phones.

Due to the pandemic, many consumers have tried shopping through social media for the first time, but only 24% are aware of digital payments. Not surprisingly, Visa says more advanced payment options are relatively new to the market and are not getting enough awareness.

Only 14-15% of users are aware of virtual cards, biometric payments and only about one-third are interested in trying them, with virtual cards getting the most attention. The most interest for biometric payments and numberless cards is for their speed and convenience, followed by a desire to keep up with the latest trends and curiosity to try something new.

These findings from the Visa Consumer Payment Attitudes Study suggest a clear strategy is needed to promote digital payments. The largest impact would be generated by focusing on simple services, such as digitally transferring money to family and friends or supporting deposits and withdrawals. At the same time, basic product education combined with non-complicated incentives like lower costs and better rewards are sure to draw more consumers on board with 45% of consumers saying they would switch to digital banking for lower costs and another 45% for better rewards.