In Phnom Penh, a quiet revolution is reshaping how young Cambodians pay, save and spend. Digital wallets—once a novelty—are now central to daily life, driven by the rapid expansion of Bakong, the National Bank of Cambodia’s centralised payment system.

 

With over 30 million wallets now in circulation—outnumbering the country’s population—and 4.9 million merchants registered under the KHQR code, Cambodia’s financial landscape is undergoing a profound transformation. According to Sok Chan of the Association of Banks in Cambodia, e-wallet accounts have surged to nearly 23 million, with transactions in riel up 334 percent in early 2025.

 

For university student Phan Sophea, 19, digital wallets are indispensable. “We just need to have a phone, scan and pay,” she said, noting she uses hers at least five times a day. The convenience and security—especially the ability to recover funds if a phone is lost—have made e-wallets a preferred choice among her peers.

 

Business graduate Sovan Deth, 24, echoes the sentiment. He uses his Wing wallet daily for meals and coffee, praising its ease and safety. Yet, he admits that slow transfers and patchy internet can disrupt transactions, particularly across banks. Still, he believes cash is becoming less essential.

 

Prao Sophea, 25, who manages Cambodia Bagels in the Connexion building, says digital payments have streamlined her operations. “It’s easy; just scan and receive money,” she explained. The built-in transaction records also help her manage expenses and reduce errors.

 

This shift is not accidental. The NBC’s push for financial inclusion—especially among youth—is accelerating adoption. A new Youth Bakong programme will soon allow minors to register using student IDs, bypassing the need for national ID cards.

 

However, the rise of digital finance brings risks. ABC warns of growing cyber threats and urges users to protect personal data and avoid sharing sensitive information online. Financial literacy campaigns are underway to help Cambodians navigate the digital economy safely.

As Cambodia embraces a cashless future, its youth are not just adapting—they’re leading the way.

 

 

-2025-11-01

On 11/2/2025 at 5:03 AM, geovalin said:

As Cambodia embraces a cashless future,

 

As mentioned please note "Future". 

Currently, new banks are still being built and older branches being refurbished (like ABA and JTR my bank),  new ATM booths are also being constructed, as can be seen here in Siem Reap. Many local markets and shops will only accept cash. There is one restaurant I know that also only accepts cash, great for me as I do not own a smartphone.  It will be a very long time before Cambodia goes cashless! Okay for students in Phnom Penh but a different story when they come out into the sticks and try to scan their phones!