Visa study: Cash usage remains widespread in Cambodia, bucking Southeast Asian trend

Visa’s latest Consumer Payment Attitudes study shows Cambodian consumers continue preferring cash payments, slowing the adoption of digital payments.

Visa – a world leader in digital payments – has just released findings from its latest Visa Consumer Payment Attitudes study indicating Cambodians prefer using cash to make payments, even as their Southeast Asian neighbours increasingly embrace digital payments.

Nearly all (97 per cent) survey respondents in Cambodia use cash for payments, up from 86 per cent in 2022 and 64 per cent in 2021, when concerns about spreading the Covid-19 virus limited the handling of cash.

Some 79 per cent of Cambodians surveyed said cash was their preferred method of payment, significantly higher than the Southeast Asian average of 26 per cent. Fewer Cambodians reported attempting to go cashless, with 23 per cent doing so in 2023, down from 32 per cent in 2022, and well below the region’s average of 72 per cent.

Continuing a similar trend since last year’s study, Gen Z (95 per cent) displayed higher usage for cash, albeit less so than Gen X and Y respondents (98 per cent each). This signals a consistent dependence on cash among the youth, based on a misconception that cash is nearly as secure as digital modes of payment.

“It is not unusual to observe disparities in progress as countries navigate digital transformation. A collaborative approach is key, and we look forward to working with our public and private sector partners to continue raising awareness about the benefits of digital payments.

“This will help Cambodia keep pace with our regional neighbours. Interoperability is critical in driving the adoption of digital payments and creating seamless payment experiences.

“At Visa, we are committed to providing secure and convenient digital payment solutions, and providing inclusivity in enabling digital payment adoption by facilitating consumers, businesses and the entire economy to participate in the journey,” said Ivana Tranchini, Visa Country Manager for Cambodia.