In Cambodia, booming adoption of digital payments is driving a surge in e-commerce activity, with QR code payments and more broadly the Bakong real-time payment system gaining significant traction, according to a new report by Profitence, a corporate finance firm-based in Cambodia.
The report, released in February, offers a comprehensive analysis charting the remarkable evolution of Cambodia’s digital marketplace. It identifies key growth drivers and draws insights from a national survey of more than 1,100 consumers to understand the dynamics shaping Cambodia’s e-commerce landscape.
According to the report, Cambodia’s e-commerce market grew at a compound annual growth rate (CAGR) of about 13% between 2020 and 2024, reaching US$1.51 billion in 2024. This growth is expected to carry on at a CAGR of 10% through 2029, reaching US$1.81 billion by 2029.
A central factor behind this growth is the widespread adoption of digital payment systems. KHQR, Cambodia’s standardized QR code payment system, has gained growing public trust, recording 601.3 million transactions in 2023, up 28.7% year-over-year (YoY), according to the National Bank of Cambodia (NBC). Transaction value reached KHR 311.5 trillion (US$75.8 billion), reflecting a 18% YoY increase.
Bakong, Cambodia’s blockchain-based real-time digital payment platform, is also seeing rapid uptake. In H1 2024, the system processed 75.6 million transactions, an increase of 180% compared to the same period in 2023. Transaction value reached a total of KHR 64.9 trillion, a YoY increase of 140%, while digital payments in USD reached 99.8 million transactions, accounting for approximately US$38.8 billion, marking a YoY growth rate of 130%.
To strengthen its cross-border payment capabilities, the Cambodian government has expanded Bakong’s integration with global platforms such as Alipay+, Malaysia’s Maybank, and South Korea’s JB Financial Group.
Most recently, NBC joined the Regional Payment Connectivity (RPC) initiative, a multilateral effort to foster and accelerate the development of cross-border payment connectivity in the region through, among others, QR code-based payment and real-time payment systems. In addition to Cambodia, eight other nations are part of the initiative, including Singapore, Indonesia, and Vietnam.
Wing Bank, TrueMoney among most used services for e-commerce payments
Findings from the study featured in the Profitence report further underscore the rapid rise of digital payments and digital banking in Cambodia. The survey reveals that online banking penetration reached a remarkable 60% in 2024. Furthermore, respondents cited QR code payments (47.15%) as their most used payment method, surpassing cash (26.5%). They identified convenience (27.16%), speed (21.3%) and safety (20.52%) as the top reasons for adoption.
In this evolving landscape, fintech players such as Wing Bank and TrueMoney are emerging as major contributors. Wing Bank ranks third in terms of usage for e-commerce transactions, with 17.02% of respondents indicating using this provider to shop online. It’s followed by TrueMoney, used by 2.23% of respondents, reflecting the rising influence of fintech challengers in Cambodia’s evolving digital finance landscape.
Wing began in 2008 as one of Cambodia’s first mobile payment service providers, created to offer accessible and affordable financial services for the unbanked and underbanked. It eventually evolved into a specialized bank in 2014 and was granted a full commercial banking license in 2020.
Today, Wing Bank offers a diverse range of financial and non-financial services, including loans, deposits, domestic and international money transfers, insurance products, as well as payroll and supply chain payments.
It operates through a vast financial ecosystem comprising 23 branch offices, over 11,000 agents, and more than 170,000 small and medium-sized enterprise (SME) merchants, claiming over 14 million users, or more than 80% of Cambodia’s population.
TrueMoney, part of Ascend Money, a joint venture of Thailand’s Charoen Pokphand Group and Ant Group, is a leading regional fintech platform catering to underserved and digital-first consumers across Southeast Asia. In Cambodia, TrueMoney offers a comprehensive suite of digital financial services that includes the TrueMoney Wallet, prepaid payment cards, payroll services, bill payments, and more.
TrueMoney claims more than 50 million users across Thailand, Cambodia, Myanmar, Vietnam, Indonesia, the Philippines, and Malaysia. The platform has processed payments of more than US$14 billion to date.
Featured image: Edited by Fintech News Singapore, based on images by www.slon.pics and myasiavision via Freepik
