Boston, MA -- (SBWIRE) -- 07/02/2013 -- Cambodia's cards and payments industry recorded a CAGR of 24.87%, rising from 525,900 cards in circulation in 2008 to 1.3 million cards in 2012. Over the forecast period, the industry is projected to grow at a CAGR of 10.96% from 1.5 million cards in 2013 to 2.3 million cards in 2017. With a large youth demographic, changing spending patterns, advancements in e-banking services and the emerging trend of online shopping, Cambodia's card service providers have ample growth opportunities. The country's GDP declined from 19.8% in 2008 to 2.6% in 2009, but recovered to reach 10.3% in 2012. The World Bank projects GDP growth will stabilize at 9.9% over the forecast period (2008-2017). FDI increased from US$553 million in 2010 to US$632 million in 2011. According to the Ministry of Tourism, 3.6 million tourists visited Cambodia in 2012, generating revenues of US$2.2 million. It is anticipated that four million visitors will visit Cambodia in 2013. Due to country's continued economic growth, rising levels of household income and the relatively low penetration rate of existing banking services, Cambodia's banking sector is expected to register significant growth both in volume and value terms over the forecast period. It is projected that by the end of 2017 the number of cards in circulation will reach 2.3 million and value KHR7.2 trillion (US$1.7 billion).

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Key Highlights

- Cambodia's cards and payments industry recorded a CAGR of 24.87%, rising from 525,900 cards in circulation in 2008 to 1.3 million cards in 2012. Over the forecast period, the industry is projected to grow at a CAGR of 10.96% from 1.5 million cards in 2013 to 2.3 million cards in 2017.
- The number of trips taken by Cambodian outbound tourists in 2011 measured 709,616 and increased by 11.7% in 2012 to reach 792,398. Similarly, in 2012, the number of international outbound tourists also increased by 23.1% over 2011, to reach 3,504,584 in 2012. Many trips were made to Association of Southeast Asian Nations (ASEAN) countries and the increase in outbound tourism was mainly due to visa exemption agreements, the introduction of direct flights and an improvement in living standards.
- According to the secretary of the Finance Ministry, Mr. Hang Choun Naron, in 2011 the nation's level of foreign direct investment (FDI) increased from US$553 million in 2010 to US$632 million in 2011. As of June 2012, the travel and tourism sector accounted for 50% of the nation's total FDI.
- With a large youth demographic, changing spending patterns, advancements in e-banking services and the emerging trend of online shopping, Cambodia's card service providers have ample growth opportunities.

Scope

- This report provides a comprehensive analysis of Cambodia's cards and payments industry
- It provides current values for Cambodia's cards and payments industry for 2012 and forecast figures for 2017

Companies Mentioned in this Report: ANZ Royal Bank (Cambodia) Ltd, Canadia Bank Plc, Singapore Banking Corporation Ltd, Union Commercial Bank Plc,

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