PHNOM PENH, CAMBODIA – Media OutReach Newswire – 3 December 2024 – Visa, a global leader in digital payments, hosted its first Open Payments Session in the Kingdom, bringing together regulators, subject matter experts, merchants, and financial services representatives to explore best practices and thought leadership shaping the future of payments. The forum focused on the evolving landscape of digital payments, driven by increased smartphone penetration and government initiatives promoting cashless transactions.
In Cambodia, the growth of e-commerce is significant, with revenue in the e-commerce market projected to reach US$1.12 billion in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.98%, resulting in a projected market volume of US$1.81 billion by 2029. This ever-evolving payment landscape is expected to become more layered and diversified with more participants, presenting dynamic opportunities and challenges for ecosystem players to navigate.
“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,“ said Ms. Ivana Tranchini, Visa Country Manager for Cambodia. “With a focus on supporting businesses to grow, Visa aims to empower them to thrive in today’s digital economy by ensuring seamless and secure payments experiences for everyone.”
At the forum, subject matter experts highlighted the latest trends and best practices in payments in Cambodia. They discussed the importance of offering tailored payment solutions to meet changing customer expectations and keep pace with cashless and contactless payment trends, which are increasingly popular due to growing smartphone usage and the convenience of mobile wallets. The experts also emphasized 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, enabling businesses to stay competitive and innovative.
With the rise in digital activity, businesses and consumers in Cambodia need to safeguard against emerging fraud threats and refund/policy abuse. 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.
Last month, Visa announced a suite of new products and services that will be available in Asia Pacific. These solutions are set to reinvent the card and address the future needs of businesses, merchants, consumers, and the financial institutions that serve them, creating opportunities to deliver innovations that enhance payment experiences with greater flexibility, security, and convenience.
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