Fintech Banking & Finance

Visa Holds Open Payments Session In Phnom Penh

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Visa Holds Open Payments Session In Phnom Penh
Visa Holds Open Payments Session In Phnom Penh

Visa hosted its first Open Payments Session in the Cambodian capital on 3 December 2024 to bring together regulators, subject matter experts, merchants, and financial services representatives to explore the future of payments in the Kingdom.

The forum focused on the evolving landscape of digital payments, which has been driven by increased smartphone penetration and government initiatives promoting digital payment transactions

Earlier in November 2024, Visa signed a Memorandum of Understanding (MOU) with the Ministry of Tourism with the intent of supporting the growth of tourism by offering “data-driven insights, supporting workshops for industry partners, providing marketing expertise, facilitating financial and digital literacy for small businesses and merchants, and assisting in digital transformation.”

Growth of eCommerce in Cambodia

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The revenue in the e-commerce market in Cambodia is projected to reach US $1.12 billion in 2024 and data suggests an annual growth rate (CAGR 2024-2029) of 9.98%, which would result in a projected market volume of US $1.81 billion by 2029. 

Ms. Ivana Tranchini, Visa Country Manager for Cambodia. said “As consumers increasingly embrace cashless transactions, Visa remains dedicated to driving innovation, collaboration, and open payments for businesses in Cambodia. We play a vital role in the payments landscape and are committed to driving digital and financial inclusion for consumers and businesses, in alignment with the Kingdom's digitization goals.”

Visa says they focus on supporting businesses to grow, and in October 2024, introduced resources to help Cambodian merchants, and small and medium-sized businesses (SMBs), take advantage of Visa’s digital payment solutions which would also ensure seamless and secure payment experiences.

Some of the issues discussed in Phnom Penh were:

  • Best practices in payments in Cambodia. 
  • Importance of offering tailored payment solutions to meet changing customer expectations 
  • Keeping pace with cashless and contactless payment trends
  • The need for a smooth post-purchase experience to enhance customer satisfaction and loyalty. 

Collaborative innovation within the payment ecosystem was identified as a key driver of growth.

Safeguarding Customers

With the increasing rise of digital payments and activities online, helping ensure businesses and consumers in Cambodia are educated and safeguarded against emerging fraud threats is also important.

A press statement added, “Robust fraud and dispute management strategies are essential in this rapidly evolving digital landscape. As e-commerce continues to surge, particularly driven by the younger population's preference for online shopping, these measures will be critical in maintaining trust and ensuring seamless transactions.”

Digital Payments News - Cambodia