Human are adding more and more new technology to make the quality of life better. E-commerce has playing an important role in today society. It deeply impacts on the global business environment. Technology has changed our dairy life routine. It makes the communication easier, enhance the way of learning, improve healthcare, online shopping, and online payment. Nowadays, Cash payments is decreasing as internet banking and shopping become widespread.
Digital Payment in China
China doing great for cashless economy among all of the country in the world. The shopping going cashless from buying a cappuccino in Starbucks, a ride cross town with the taxi, or a simple meal on the street in China larger cities. Transaction of payment was made via mobile phone using Alipay (the online payment platform created by Alibaba), or WeChat pay. Alipay Wallet was first introduce to customer to pay for Taobao’s products. There are several online payment platforms that come after Alipay such as WeChat Pay, QQ Wallet, and Apple Pay. Since then, Mobile Payment became widely spread in China. According to the Dara pay, a total of Mobile transactions in China has risen from 1.67 billion transaction to 60.53 billion transaction and reaching $41.51 trillion in 2018.
Improvement of Digital Payment in Cambodia
In recent year, there is a rapidly changed in paying method in Cambodia. Cambodia use to have low formal banking interaction because Cambodia people preferring cash spending and saving. Over the last few years, e-commerce has grown a lot in Cambodia, and we have seen massive increase in spending power online like online hotels booking, paying bill, electronics, paying for a meal, and topping up phone. Cambodia people nowadays love to shop, both online and offline at retail shops. When consumer shop online, they usually pay with their credit cards, debit cards, internet banking. There are several influential cashless options such as Wing, Pi Pay, Acleda E-Banking, and ABA Bank E-cash payment service. Among all of these cashless option, ABA Bank account and Pi Pay are the most commonly used by Cambodian. Payment now only just a few click. Even though there are several advantages of using digital payment, however, 60% of the country living rurally and engaged in agriculture. Therefore, it is difficult to make Cambodia a fully cashless country like in China.
Why digital payment important?
It is convenience
E-payment is very convenient compared to traditional payment methods. It is easy for money transactions. People can pay for goods or services online at any time, any where. People do no need to carry cash everywhere they go. The only things that they need to have is their mobile phone. People can pay their payment without carrying too much cash with them. E-payment allow people to pay the exact amount of payment that is requires to paid.
It is secure compare to the traditional payment
Digital payment can be accessed anywhere and anytime. It is easier and safer for people who using digital payment. From some perspective, digital payment is safer than carrying the cash because it eliminates the security risks that come with handing cash money. It can prevent the risk of getting stolen.
Better way to observe spending
Digital payment not only be convenience but it also helps people in term of keeping record of payment. People who using digital payment can track back their expenses because digital payment keep track on all of the payment. Consumer can easily know how much they spend in a month or in a year. There are better chance for people to save more for investment because people know how much they spend, Thus, helps increase saving which lead to increase in investment.
Help to increase sales
The widespread of the e-payment help the company to gain more sale. Customer can buy the product through online platform and pay electronically. Nowadays, more and more people like to shop online because it helps to reduce the time and they can compare the price of the product. E-payment help the businesses to make sales to the customers who choose to pay electronically and gain competitive advantage over those that only accept traditional methods.
Conclusion
There are several advantages of using digital payment. However, the switch into the use of electronic cash or cashless society also brings lots of disadvantages to the country. The question of whether Cambodia should become a cashless society is a tough question to answer. It has both positive and negative effect to the country. From my perspective, the positive benefits outweigh the negative effect of the digital payment.
References
All you need to know about Chinese Mobile Payment Systems https://www.youtube.com/watch?v=LFfMwOJKiaQ&feature=emb_title
Dara Pay Official Blog. (2019, August 27). The Rise of Mobile Payment in Cambodia. Retrieved February 2020, from Dara Pay: https://medium.com/darapay-official-blog/the-rise-of-mobile-payment-in-cambodia-761cbc2bc2d8
Lee, E. (2019, February 8). Cashless Payment in Cambodia?Retrieved February 2020, from Geeks in Cambodia: http://geeksincambodia.com/cashless-payments-in-cambodia-2/
Task are solve easily with ABA Virtual Card https://www.youtube.com/watch?v=9Uev_mONKIo&t=15s
Sokbouy's MIS site 