In just three years, Cambodia has achieved what took other countries decades to accomplish. The digital transformation of its financial sector is happening at such a rapid pace that even local experts struggle to keep up. Here’s a figure that sounds almost unbelievable: $492 billion in digital transactions recorded between 2023 and 2024 — twelve times the country’s entire GDP. Interestingly, it was the entertainment sector that became the driving force behind these changes. The first to adopt advanced payment technologies on a large scale were Cambodia sportsbook and casino, effectively pushing the entire financial system to evolve to their level. Today, there are 19.7 million active e-wallets in Cambodia, and the total transaction value has surged by 76.4% in just one year.
Why So Fast? Several factors came together at once. High smartphone emergence, affordable internet access, and, crucially, a government that didn’t stand in the way but instead removed bureaucratic barriers. Cambodians, not just the younger generation, quickly adapt to new technologies. Many skipped the era of traditional banking altogether, jumping straight into mobile apps as if they had always been there.
E-Wallets are changing the game
Back in 2020, e-wallets were seen as something exotic — now they’re a basic necessity. By 2024, online banking had reached 60% of the population, a milestone many neighboring countries can only dream of. People quickly grasped the main advantage: why stand in line when everything can be done with just a couple of taps?
What makes e-wallets so appealing:
Money moves between accounts instantly and without commissions;
Integration with international platforms is seamless:
Data protection is built on multiple levels simultaneously;
Payments can be made with a single tap, without even unlocking your phone.
Gaming platforms outpaced the banks. In Cambodia, gaming platforms proved far more agile than traditional banks. They were the first to integrate all major payment systems — and did it so seamlessly that users see no reason to go back to old methods.
QR Codes: the future is already here
QR payments have become so commonplace in Cambodia that it’s hard to imagine how people ever managed without them. Nearly half of respondents (47,15%, to be exact) name them as their primary payment method. The process couldn’t be simpler: point your camera at the patterned square, check the amount, confirm — and the transaction is complete. It all takes just a few seconds.
Users say the main advantages are speed and convenience. There’s no need to search for change, worry about cash, or type in card details. Payments have become an almost invisible part of everyday life — and that’s exactly what makes QR technology so popular.
Mobile apps: The heart of the entertainment ecosystem
Mobile gaming in Cambodia isn’t just a popular pastime — it’s a full-fledged industry. It accounts for 72% of the entire gaming market in Southeast Asia, looking specifically at Cambodia’s share. The smartphone has long since evolved from a simple communication device into a universal entertainment hub, offering games, videos, music, and social interaction — all in one place. Forecasts suggest that by 2027, the Cambodian mobile gaming market will reach $50,56 million, and even that is considered a conservative estimate.
It’s fascinating to see which genres are gaining the most traction. Simulation games lead the way, growing by 11% with over 1.2 billion downloads. Meanwhile, sports games have seen explosive revenue growth of 39%, driven by hits like eFootball 2024 and EA SPORTS FC Mobile Soccer. These titles do more than entertain — they build vibrant player communities where users spend real money on virtual upgrades.
Payment infrastructure for gamers
When fintech solutions began integrating directly into gaming apps, it opened up unprecedented opportunities for developers. Now, making an in-game purchase is easier than ordering a cup of coffee. Subscriptions, one-time purchases, microtransactions—all are handled through the same e-wallets users already rely on in their daily lives. Most importantly, funds are transferred instantly, with no more waiting two or three days as in the past.
At the same time, security has become a top priority. Safe payments are built on biometric verification, card data tokenization, and mandatory two-factor authentication. The National Bank of Cambodia isn’t just watching from the sidelines—it actively collaborates with operators to ensure compliance with international security standards. For players, this means peace of mind: stealing money from an account has become technically almost impossible.
Streaming and digital entertainment
Video streaming in Cambodia is experiencing a true boom, and the reason is simple — the internet has finally become fast and stable enough to support it. People are rapidly switching to subscription-based platforms and paying for content through local payment systems. In the past, the biggest obstacle was that Western services required international cards, which few users had. Now that barrier is gone. Platforms have adapted, started accepting local payment methods, and as a result, their audiences have grown exponentially.
E-commerce is also keeping pace. The $1,78 billion mark projected by the end of 2025 looks entirely achievable. Cambodia currently holds a modest 1,3% share of the regional market, but its growth rate outpaces many of its neighbors — and that’s truly impressive. The momentum is strong. As entertainment platforms began integrating with online marketplaces, an interesting trend emerged: people log in to watch a stream and end up shopping. The boundaries between different segments of the digital economy are disappearing.
Technological innovations in payment systems
The National Bank of Cambodia is investing heavily in infrastructure modernization, and the results are already noticeable. Instant payment systems process transactions in seconds. Users now enjoy the convenience of developed countries, while fees remain minimal. This is a rare combination — usually, you have to choose between speed and price.
Indicator | 2023 | 2024 | Growth |
Digital transactions (billion) | 1.2 | 1.8 | +50% |
Payment volume (billion USD) | 280 | 492 | +76% |
E-wallets (million) | 11.2 | 19.7 | +76% |
The numbers speak for themselves. An increase of 600 million transactions in just one year isn’t just a statistic — it represents real people who have changed their financial habits. Trust in digital technologies is growing every month, and that’s what matters most.
Blockchain and cryptocurrencies on the horizon
The most forward-thinking players in the market are already experimenting with blockchain technology. The idea is simple: make every transaction so transparent that no one has any doubts. Users say that the feeling of complete transparency immediately inspires trust. There’s no fear that someone might “adjust” results or payouts. This creates a sense of security and predictability, which is especially valuable in the world of gaming and betting.
Smart contracts can automate payouts entirely. Win — and the money arrives instantly, with no operator involvement. The system works seamlessly and precisely: once the conditions are set, the algorithm executes them flawlessly. Players appreciate that — after all, a machine doesn’t cheat for a few extra dollars. The real challenge lies elsewhere: for this technology to become mainstream, clear and consistent regulations are essential.
Security and user protection
Cybersecurity has become not just an important topic, but a matter of survival for operators. Reputation takes years to build, yet a single data breach can destroy it in an hour. Companies understand this, which is why they implement multi-layered protection: encryption, monitoring for suspicious transactions, and AI-driven anomaly detection. The investments are significant, but they pay off — fraud decreases, and customers stay satisfied. People vote with their wallets, choosing platforms where they feel safe.
At the same time, there is a major push to improve financial literacy. Campaigns educate users on basic online payment safety: never share passwords, always verify website addresses — lessons that seem obvious but still catch thousands of people off guard. Educational programs make a real difference. When government and business work together, rather than each operating independently, the result is a cohesive, effective protection system rather than a patchwork of random measures.
Regulatory environment and oversight
The National Bank of Cambodia is shaping policies that foster innovation without letting the market turn into the Wild West. Licensing for payment system operators ensures compliance with international standards. Regular audits and capital requirements create a financial safety net — if something goes wrong, customers won’t be left empty-handed.
Collaboration with international financial organizations is paying off. Cambodia adopts best practices from around the world and adapts them to local conditions. Sharing experiences with regional neighbors accelerates progress — why learn the hard way when you can see where others have succeeded or failed? When regional standards are aligned, cross-border operations run more smoothly, and foreign investors are more willing to enter the market, valuing clarity and predictability in the rules.
The Future of digital payments
The mobile payments market could grow to $10,3 billion by 2029, with an average annual growth rate of nearly 26%. If this scenario plays out, Cambodia could become a regional fintech hub. This isn’t just analysts’ speculation — the foundation is already visible to the naked eye.
Artificial intelligence is playing an increasingly central role in personalization. Systems analyze user behavior to suggest the most suitable solutions and tailor convenient payment methods for each individual. Voice assistants and biometric authentication will simplify interactions with apps — no more typing passwords; a glance at the camera or a few spoken words will suffice. These technologies are making financial transactions not just convenient, but almost invisible, seamlessly blending into everyday life.
What’s coming next:
Augmented reality for interactive payment experiences;
Super apps that bring all services together in one place;
Central bank digital currencies with government backing.
All of these innovations are gradually shaping a seamless digital ecosystem, where financial transactions become a natural part of everyday life.
The social impact of digitalization
Mobile financial apps solve important social problems. Digital technologies don't just improve convenience; they ensure equal access to financial services, regardless of region of residence.
This opens up new opportunities for small and medium-sized businesses. By accepting cashless payments, companies immediately expand their reach. Local artisans can now sell their products abroad, and technology makes this a reality.
The Environmental aspect
The shift to cashless payments has brought an unexpected side effect — a reduced impact on the environment. Printing banknotes, transporting them in armored vehicles, and disposing of worn-out cash all consume significant resources and energy. Digital payments eliminate the need for all of that. Paper receipts are also becoming a thing of the past, replaced by electronic confirmations. Leading companies are going even further by investing in green technologies and offsetting the carbon footprint of their server operations. Sustainability is becoming a competitive advantage, especially among younger audiences who pay close attention to such initiatives.
Cambodia offers an impressive example of how a developing country can not only catch up with but, in some areas, even surpass advanced economies in terms of digitalization. The secret is simple: the government didn’t interfere, businesses were willing to take risks and experiment, and the people were ready to embrace change. The gaming and entertainment industries have acted as the locomotive pulling the entire financial system forward. The coming years will reveal whether the kingdom has the strength to maintain this pace and become the fintech hub of the region. The potential is there — the key is not to lose momentum.
