Cambodia Cards & Payments Market Saw Significant Rise, States Timetric in Its In-demand Study Recently Published at MarketPublishers.com31 Jan 2017 • by Natalie Aster
LONDON – In July 2016, the National Bank of Cambodia (NBC) introduced the Fast and Secure Transfer (FAST) Payment system, which is a fast, efficient and secure method of interbank transactions in local currency. FAST payment system serves 13 commercial banks and micro deposit-taking institutions (MDIs), including Acleda Bank, Cambodian Public Bank, Advanced Bank of Asia (ABA), Phillip and Sathapana, among others. Currently, the NBC is engaged in the development of an integrated platform, Shared Switch System, which will allow to facilitate electronic payments like transactions at POS terminals and ATMs, and also various online and mobile payments.
Nowadays, Cambodia’s debit card market is dominated by such international schemes as MasterCard and UnionPay International. Previously, Visa was an absolute leader in the market. To penetrate deeper in the country’s market, MasterCard and UnionPay are entering into partnerships with state and foreign-owned banks.
The introduction of mobile banking apps is one of the key growth drivers of the alternative payments sector in Cambodia. For instance, in May 2016, Maybank and ABA introduced their mobile banking applications for customers in the country. Maybank’s new application allows customers to transfer funds, to make banking transactions and online purchases. ABA, in its turn, took a step further, launching a mobile banking application, which provides its customers with an opportunity to carry out various transactions using a code instead of a card.
New Timetric’s research publication, “The Cards and Payments Industry in Cambodia: Emerging Trends and Opportunities to 2021”, offers a detailed market analysis, relevant information and deep insights into the Cambodian cards and payments market. It highlights the existing payment instruments and alternative payment options, examines the major drivers and restrains of the market development, covers key regulative norms, etc. The report sheds light on the latest strategies adopted in the market and the recent industry developments and product launches, touches upon consumer attitudes and buying preferences towards various payment options, presents insights into the competitive landscape in the Cambodian cards and payments market; etc. Besides, demographic, economic, infrastructural and business factors affecting the Cambodian cards and payments market are explored; transaction values and volumes during 2012-2016 are disclosed and future forecasts through 2021 are provided in the report.
Other new insightful research reports by Timetric are available at its page.