Updated: Apr 17
Cambodia is one of the fastest-growing digital markets in Southeast Asia, with a projected 10.95 million social media users and 8.32 million digital payment users by 2023. According to DataReportal, Cambodia's social media penetration rate will reach 65.5% in 2023, up from 51.9% in 2021. The main drivers of this growth are the increasing availability and affordability of smartphones and mobile internet, as well as the rising popularity of platforms such as Facebook, YouTube, and TikTok among young and urban Cambodians.
Digital payments are also expected to grow significantly in Cambodia, with a compound annual growth rate (CAGR) of 14.44% from 2023 to 2027, resulting in a market volume of US$8.32 billion in 2027, according to Statista. The digital payments segment includes transactions made through online platforms or mobile apps, such as e-commerce, peer-to-peer transfers, bill payments, and remittances.
The main factors driving this growth are the increasing adoption of e-wallets and mobile banking services, the expansion of e-commerce platforms and online merchants, and the government's initiatives to promote financial inclusion and digital literacy.
Cambodia's digital statistics for 2023 indicate that the country is undergoing a rapid digital transformation that offers new opportunities and challenges for businesses, consumers, and policymakers. As more Cambodians access and use digital services, there is a need to ensure that they are safe, secure, and inclusive for all segments of society.