With over 10 million users, mobile banking has reached more than 60 percent of Cambodia’s adult population, underscoring the Kingdom’s rapid shift toward a cashless economy. As the nation shifts towards becoming a cashless society, vendors share how they have adapted to the change.

Mobile banking now connects more than 10 million Cambodians, making up over 60 percent of the adult population, according to the National Bank of Cambodia (NBC).

With around 30 million e-wallet accounts and 21 million deposit accounts, as of 2024, the figures highlight the country’s accelerating move toward a cashless society, while reflecting how QR payments have made sending and receiving money more convenient than ever.

Vendors also claim that mobile banking makes it easier for them to track their income and profit at the end of the day, as when customers pay via bank apps instead of cash they do not have to count it.

However, this convenience also brings risks, as there are occasions when vendors fail to notice fake QR codes being used. Scammers use these codes to trick vendors when they scan them, with the money ending up being sent to another account. On top of that, vendors rarely earn tips from customers who pay via QR code, which was common from cash payers.

Easy income management

For Van Sreynet, a banh zhong (Vietnamese bun rice noodle) seller, keeping track of her income digitally is much easier than counting her cash at the end of the day to know her total income.

“When I stop selling at night, I don’t have to count my money. I just check my bank statements so I know how much I earned for the day,” said Sreynet, adding that if her income is in cash, she would have to count to know the profit.

Operating from a small food stall in Chroy Chongva, one of Phnom Penh busiest districts, the 29-year-old works from morning until late evening serving customers, consisting mostly of office workers and students at a nearby university.

Sreynet said that most of her customers prefer to pay by scanning the QR code that she has attached on her stall, but she also accepts cash. “It’s 50-50, it depends. Some days, I don’t get [paid by] cash at all, only [QR] scans. Some days all I get is cash,” she added.

However, Sreynet noted that she is aware that she has to protect herself against potential online fraud and scams that exist in the digital payment world, as online payments bring a new set of challenges to navigate.

Digital convenience and awareness

Lav Sivly, who owns a coffee stall in the Samnang 12 area, agrees with Sreynet about the convenience of QR payments - and the importance of remaining aware. She recalled an occasion where a customer paid the amount to another QR code instead of hers, and another who asked for cash if he scanned her QR code, but she never received the cash.

To avoid any such issues occurring, the Anti-Cyber Crime Department (ACCD) has issued warnings on QR payment threats, including scammers “covering their QR over vendors’ QR” to get money in the long term, deceiving vendors by “paying with their own QR” instead, and providing fake QR codes on the pretext of donation or charity. 

Despite the challenges, Sivly said digital payments bring benefits to her daily business. For example, she no longer needs to worry about running out of small change or carrying large amounts of money.

“I used to keep a lot of cash on me every day. You know, it’s not that safe,” Sivly said. “Now with most customers paying by phone, I feel more secure and organised. Everything goes straight into my bank.”

She also noted that mobile payments enable her to speed up her sales, especially during the morning rush hour when people buy coffee on their way to work. “When it’s busy, QR payments save me time. I don’t have to count change or look for small notes, customers just scan and go,” she explained.

Beyond convenience, Sivly added that mobile banking helps her better track her income and spending. She believes that as more people embrace digital payments, it encourages small business owners like her to think more professionally about managing money.

“At the end of the day, I can easily see how much I have earned on my app. It’s easier to plan and manage my budget. I don't have to worry about fake banknotes anymore,” she said.

How Security Risks Are Handled in QR Payments

As QR payments become increasingly popular among street vendors and small businesses, Wing Bank is stepping up efforts to ensure digital transactions remain secure and accessible. Recognizing both the opportunities and risks of mobile banking, the bank has implemented a multi-layered strategy focused on fraud prevention, user education, and technological innovation.

“Trust is the foundation of digital banking,” said Bunthe Hor, Deputy CEO of Wing Bank. “We’ve invested in secure QR code technology, real-time transaction alerts, and advanced fraud detection systems to protect our customers and merchant partners.”

Wing Bank works closely with the Anti-Cyber Crime Department to raise awareness about common scams, such as fake QR codes and deceptive payment tactics. Through its nationwide agent network, the bank provides training to vendors on how to verify transactions, identify suspicious activity, and report fraud.

The Wing Bank mobile app offers features tailored to small business owners, including instant payment confirmation, daily income tracking, and direct access to customer support. These tools help vendors manage their finances more efficiently and with greater confidence.

Street vendors and small businesses accepting QR code payments typically use either a personal or a merchant account. A personal account is linked to an individual user and is suitable for basic transactions.

In contrast, a merchant account is designed for business owners, offering features that support multiple users and enhanced transaction monitoring — helping reduce the risk of scams.

“The merchant account allows transaction notifications to be sent via Telegram, making it easier for team members to monitor payments even when the business owner isn’t available,” said Bunthe. “Each account can be linked to up to multiple Telegram users for added flexibility and oversight.”

Wing Bank’s WingPoint loyalty program has also contributed to the growing adoption of QR payments. From January to September 2025, the bank recorded​ nearly 40% increase in scan-to-pay transactions, reflecting rising public trust in digital payments. Customers earn points with every transaction, which can be redeemed at partner merchants — a feature that encourages repeat usage and strengthens vendor-customer relationships.

Today, around 200,000 merchants across Cambodia — including restaurants, cafés, marts, and street vendors — are using Wing Bank to process payments. Thanks to Bakong, Wing Bank merchants can accept payments from other bank accounts seamlessly, without any interruptions.

Merchants who choose Wing Bank as their payment platform can earn an annual interest rate of up to 3%, with flexible withdrawal options. This provides added value and convenience when managing their finances and handling everyday transactions.

What economists say

Hong Vannak, an economist from the Royal Academy of Cambodia, told Kiripost that mobile banking and QR payment features are playing an increasingly vital role in reducing cash dependency and stimulating economic activity.

“Digital payments make transactions faster and safer, and they encourage people to keep their money within the banking system rather than in cash,” he explained. “This helps improve money circulation and supports financial inclusion, especially in urban areas where mobile access is strong.”

He added that the growing use of mobile apps contributes to Cambodia’s overall economic growth by enhancing efficiency and transparency in financial transactions.

“When more people use digital banking, it helps the economy record real transaction flows, which strengthens gross domestic product (GDP) growth,” Vannak said. “It also allows small businesses to formalise their operations, access financial services and plan their growth better.”

Recent data from NBC shows that the national QR-payment system known as Bakong is gaining traction. In 2024, it reportedly processed more than 600 million transactions, with a value of about 183.7 trillion riel (about $46 billion), equivalent to more than three times Cambodia’s GDP.

However, Vannak noted that there are still some barriers, especially in rural areas where internet access and digital literacy remain limited.

“The main challenge now is ensuring that people in remote communities have access to reliable internet and understand how to use mobile banking safely,” he said. “Once these gaps are bridged, the benefits will reach even more Cambodians.”

Urban and peri-urban areas show a high uptake in mobile banking. However, some rural regions still face issues, according to the Journal of Greater Mekong Studies by Cambodian Institute for Cooperation and Peace.

Internet penetration in Cambodia was recorded at about 56 percent in early 2024, while mobile-connection density had reached 144 percent of the population.

Digital payments are rapidly changing Cambodia’s financial landscape. For example, mobile-banking transactions in 2023 grew to about $164 billion, while traditional internet-banking transactions declined. The report confirmed that mobile devices have become the dominant channel for financial services.