PHNOM PENH: Cambodia has recorded a sharp rise in mobile payments as more and more people have turned from cash-based to digital transaction options, the National Bank of Cambodia (NBC) said.

The number of registered e-wallet accounts increased to 20.2 million as of June this year, read the report.

The total number of transactions jumped to 333.7 million in the first half of this year from 211.2 million in the same period in 2022 with a total amount of US$58.2 billion, a year-on-year increase of 98.3 percent, it pointed out.

Cambodia's payment system has been modernized by incorporating a series of new technologies aimed at enhancing payment efficiency and security to facilitate the exchange of goods and services more easily and quickly, improve the financial environment and support the integration of payment systems into the region, said recently outgoing NBC Governor H.E. Chea Chanto.

“Inter-bank payments in Cambodia have become easier, in response to changes in the behavior of companies, enterprises, and consumers, who increasingly rely on online shopping and electronic payments in the age of digital technology,” he said.

NBC's report stated that 35 payment service institutions (PSIs) have been licensed and two banking and financial institutions (BFIs) have been authorized to operate payment businesses.