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Angkor Times
Angkor TimesExperienced
Asked: June 4, 2024In: Make Money

What factors are driving the preference for mobile banking over internet banking in Cambodia?

Mobile Banking Surges as Internet Banking Declines in Cambodia Cambodia is witnessing a significant shift in its banking landscape, with mobile banking rapidly gaining popularity over traditional internet banking. Data from the National Bank of Cambodia (NBC) highlights this trend, ...Read more

Mobile Banking Surges as Internet Banking Declines in Cambodia

Cambodia is witnessing a significant shift in its banking landscape, with mobile banking rapidly gaining popularity over traditional internet banking. Data from the National Bank of Cambodia (NBC) highlights this trend, showing a notable preference among Cambodians for conducting financial transactions via mobile apps rather than internet banking platforms.

Mobile Banking Surges in Cambodia
Mobile Banking Surges in Cambodia

In 2023, the total value of transactions conducted through internet banking fell by 7 percent to 74.5 trillion riel ($18.22 billion) from 80.1 trillion riel ($20 billion) in 2022. In stark contrast, mobile banking transactions surged by 11 percent, reaching 746.7 trillion riel ($164 billion) in 2023, up from 672.4 trillion riel ($183 billion) the previous year.

The NBC’s report underscores this shift, stating, “While payment through internet banking services slightly decreased, the use of mobile banking and card payment steadily accelerated.”

Corporate vs. Retail Preferences

Industry experts attribute this divergence in banking preferences to the distinct needs of corporate and retail clients. Richard HC Liew, CEO of Bridge Bank Plc, explained to the Khmer Times, “For internet banking, these are usually transacted by companies so it depends on the business flow. However, for mobile banking, it is transacted nationwide by the public with almost all individuals in Cambodia doing it.”

Liew’s observations highlight a crucial distinction: corporate clients continue to rely on internet banking for their business transactions, while the average retail customer overwhelmingly prefers the convenience of mobile banking.

The Role of Bakong in Mobile Banking Adoption

Both the NBC and the Association of Banks in Cambodia (ABC) have played a pivotal role in promoting mobile banking, particularly through the Bakong system. “NBC has been at the forefront of this with the ABC in promoting and educating the public in using mobile banking via Bakong, and the results have been very positive and encouraging,” Liew noted. He also emphasized the high mobile penetration rate in Cambodia, which exceeds 100 percent, indicating that many Cambodians own more than one mobile phone.

The widespread use of mobile phones is a significant factor driving the popularity of mobile banking. According to the Digital 2023 Cambodia report, in the first quarter of 2023, Cambodia had 22.16 million active mobile connections compared to just 11.37 million internet users. With a population of just over 17 million, this translates to an impressive 131.5 percent mobile connection rate per person.

Post-Pandemic Digital Transformation

The post-COVID-19 era has seen a substantial increase in internet usage in Cambodia, spurred by the need for online learning and remote work. However, while laptops are preferred for educational purposes, mobile phones dominate for everyday transactions such as food delivery, online shopping, and utility bill payments. Cambodians favor mobile payments through QR codes, further cementing the role of mobile banking in daily life.

NBC’s report highlights the growing confidence in mobile payment systems: “Payment amount through the QR code and Bakong system jumped by 7 times and 2.7 times, respectively, in 2023, reflecting the growing confidence and adoption among the public while also contributing to promote the use of the Khmer riel.”

Interoperability and Financial Inclusion

The interoperability of the Bakong system has been a game-changer for digital payments in Cambodia. Users can make payments to any merchant or bank from their home bank, enhancing the system’s efficiency and safety. This feature has driven widespread adoption and promoted financial inclusion across the country.

“Interoperability, efficiency, and safety of digital payment systems have attracted large adoption among the public to promote financial inclusion,” the NBC stated. “KHQR and the Bakong system have gained popularity and contributed to promoting the use of Khmer riel.”

Conclusion

The shift towards mobile banking in Cambodia is unmistakable, driven by high mobile penetration, the convenience of mobile transactions, and the successful promotion of systems like Bakong. While corporate clients may still rely on internet banking, the general public’s preference for mobile banking is clear, setting the stage for continued growth in this sector. As mobile banking becomes increasingly integral to daily life, Cambodia’s financial landscape is poised for further digital transformation.

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Bakong mobile paymentsBakong QR code paymentsBakong system adoptionCambodia financial technologyCambodian banking habitsCambodian digital economyDigital banking CambodiaFinancial inclusion CambodiaInternet banking declineInternet vs mobile bankingMobile app transactionsMobile banking CambodiaMobile payment growthNBC banking report 2023NBC banking trends
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Angkor Times
Angkor TimesExperienced
Asked: May 21, 2024In: Make Money

Why delivery serivce business is a profitable business in Cambodia?

The Rising Profitability of Delivery Services in Cambodia In recent years, Cambodia has witnessed significant changes in consumer behavior, driven by advancements in technology, economic shifts, and evolving lifestyles. One of the most notable trends is the rise of the ...Read more

The Rising Profitability of Delivery Services in Cambodia

In recent years, Cambodia has witnessed significant changes in consumer behavior, driven by advancements in technology, economic shifts, and evolving lifestyles. One of the most notable trends is the rise of the delivery service business. This sector has become increasingly profitable, reflecting the country’s growing reliance on digital solutions and the desire for convenience. Here are six key reasons why delivery services are thriving in Cambodia.

Delivery serivce business in Cambodia
Delivery serivce business in Cambodia

1. Mobile Banking

The widespread adoption of mobile banking has revolutionized the way Cambodians shop. Popular mobile apps like ABA Mobile App, ACLEDA ToanChet Mobile App, Wing App, and Bakong App have made it incredibly easy for people to make payments directly from their phones. This seamless payment process encourages more online purchases, thereby boosting the demand for delivery services. With just a few taps, consumers can order products online and have them delivered to their doorstep, eliminating the need to visit physical stores.

2. Climate Change

Cambodia’s hot and humid climate often makes traveling uncomfortable, especially during the peak of summer. Many Cambodians now prefer to avoid the heat by shopping online. The convenience of having goods delivered to their homes is far more appealing than braving the sun to visit a store. This shift in behavior, driven by climate considerations, has significantly contributed to the growth of the delivery service industry.

3. Traffic Jams

Urban areas in Cambodia, particularly Phnom Penh, are notorious for their traffic congestion. The frustration of being stuck in traffic deters many people from traveling to shops or supermarkets. Instead, they opt to place orders online through platforms like Facebook Messenger or Telegram. This not only saves time but also reduces the stress associated with navigating through traffic. Consequently, the convenience of home delivery has become an attractive alternative for many.

4. Saving Time and Money

Online shopping is perceived as more convenient and cost-effective by many Cambodians. The prices of products online are often comparable to those in physical stores, but without the added hassle of traveling. By ordering online, consumers save on transportation costs and valuable time, making delivery services a preferred choice. This efficiency is particularly appealing in a fast-paced world where time is a precious commodity.

5. High Gasoline Prices

The rising cost of gasoline is another factor driving the popularity of delivery services. As fuel prices soar, the expense of driving to a store becomes increasingly burdensome. Many people now prefer to stay at home and wait for their products to be delivered, rather than spending money on gasoline. This shift not only saves money but also supports a more environmentally friendly lifestyle by reducing the number of vehicles on the road.

6. Changing Shopping Habits of Gen Z

Generation Z, the cohort born between the late 1990s and early 2010s, is known for its tech-savviness and preference for digital solutions. This generation is driving a significant change in shopping habits, favoring online purchases over traditional in-store shopping. The convenience, speed, and variety offered by online platforms align perfectly with the expectations of Gen Z consumers. As a result, the demand for efficient and reliable delivery services continues to rise, propelled by the preferences of this influential demographic.

    Conclusion

    The delivery service business in Cambodia is booming, fueled by advancements in mobile banking, climate considerations, traffic congestion, the need to save time and money, high gasoline prices, and the changing shopping habits of younger generations. These factors collectively contribute to the growing profitability of the sector, making it a lucrative venture for businesses.

    Delivery and logistics service in Cambodia
    Delivery and logistics service in Cambodia

    What are your thoughts on the delivery business in Cambodia? Have you found it convenient and cost-effective? Share your experiences and opinions in the comments below!

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    Cambodia e-commerce growthCambodian delivery marketClimate change shopping trendsDelivery services CambodiaDigital payments CambodiaGen Z shopping habitsHigh gasoline prices CambodiaHome delivery convenienceMobile banking CambodiaOnline shopping CambodiaProfitable delivery businessSave time with deliveryShopping online CambodiaTraffic jams online ordersTrends in Cambodian retail
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