Alternative payment methods
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Leverage local payment methods in Cambodia’s growing gaming industry
October 24, 2024
The video game market in Southeast Asia (SEA) is on an exciting growth path. In 2023, it brought in $5.1 billion in revenue, reflecting a solid 8.8% increase from the previous year.
And it's not slowing down anytime soon. The market is expected to hit $7.1 billion by 2028, growing at an annual rate of 6.7%. This boom is also reflected in the growing number of gamers across the region, with 277.2 million players in 2023, and a forecast to reach 285.9 million players by 2024.
As a leader in video game payments, Xsolla has already expanded its reach across SEA by introducing local payment methods in key regions like Hong Kong and Singapore. Now, our focus has shifted to two key markets: the emerging market of Cambodia, a rising player in Southeast Asia’s gaming industry, and Indonesia, one of the largest Southeast Asian markets by player number. In this article, we’ll dive deeper into opportunities in Cambodia. To learn more about the gaming landscape in Indonesia, read our other article.
In addition to these, Xsolla Pay Station now supports other popular digital wallets like Wing Money, Pi Pay, and eMoney, as well as internet banking options from Chip Mong Bank, AMK Online Card, and Cambodia Public Bank.
Unlock global growth with Xsolla
With the introduction of these eight local payment methods, developers can now offer seamless and convenient payment experiences for gamers in Cambodia, leverage the full potential of the country’s video game market, and:
Cambodia market: Rapid growth and mobile dominance
Cambodia’s video games market is on the rise, projected to generate $59.03 million by the end of 2024. Looking ahead, that number is expected to grow to $75.21 million by 2027, with an annual growth rate of 8.41%. Currently, there are around 2 million gamers in Cambodia, representing about 10% of the population, and this number is steadily increasing. Mobile gaming dominates the landscape, contributing $39.02 million. Local developers are also playing a big role in this growth by creating culturally relevant games. As a result, Cambodia’s gaming industry is making a significant impact on the country’s digital economy, contributing over 6% to the sector by 2023. This growth signals tremendous opportunity, and Xsolla is helping developers access it. The power of alternative payments in Cambodia As the SEA gaming market continues to expand, alternative payment methods are becoming increasingly important for game developers looking to capture new audiences. Unlike in Western markets where credit cards are prevalent, Cambodia presents unique financial challenges that developers must address with flexible, localized solutions. One key factor is the country’s unbanked population – only 33% of adults in Cambodia have financial accounts, meaning a significant portion of the population doesn't use traditional banking methods like credit or debit cards. This makes the availability of digital wallets, mobile money, and internet banking essential for enabling more players to participate in the digital economy, particularly in mobile gaming — which accounts for 66% of Cambodia’s total gaming revenue. THE DUAL-CURRENCY STRUCTURE Another critical aspect of Cambodia’s financial system is its dual-currency structure. With 80% of transactions conducted in US dollars, the local currency (riel) is not yet widely used in daily transactions. However, local institutions are working to promote financial inclusivity and local currency adoption through new payment methods that:- Link both riel (KHR) and US dollar (USD) balances without the need for a traditional bank account.
- Enable real-time transactions, providing a seamless experience for players and developers alike.
Now available on Xsolla Pay Station: Payments in Cambodia
In response to the growing demand for localized payments in SEA, Xsolla has expanded its payment portfolio specifically tailored for Cambodia. Game developers and publishers can now tap into this promising market by offering players a variety of local payment methods that reflect Cambodia’s unique financial landscape. Among the most popular options are Bakong KHQR and Acleda XPay, which together cover about 60% of the local payments market.- Acleda XPay, provided by ACLEDA Bank, is one of Cambodia’s largest payment platforms. Founded in 1993 as the Association of Cambodian Local Economic Development Agencies (ACLEDA), the NGO transformed into a specialized bank in 2000. ACLEDA Bank today serves more than 4 million customers and accounts for 15% of the local payments market, making it a crucial player in Cambodia’s financial ecosystem.
- Bakong KHQR is an all-in-one mobile payment and banking app with 10 million registered wallets out of Cambodia’s population of 17 million. Supported by over 70 participating banks, Bakong KHQR allows customers to easily transfer and receive funds and complete transactions simply by scanning QR codes.
In addition to these, Xsolla Pay Station now supports other popular digital wallets like Wing Money, Pi Pay, and eMoney, as well as internet banking options from Chip Mong Bank, AMK Online Card, and Cambodia Public Bank.
Unlock global growth with Xsolla
With the introduction of these eight local payment methods, developers can now offer seamless and convenient payment experiences for gamers in Cambodia, leverage the full potential of the country’s video game market, and:
- Expand market reach. With nearly 2 million gamers in Cambodia, developers can broaden their market share by offering localized payment options, making it easier for them to monetize their games.
- Unlock new revenue streams. By expanding their reach in Cambodia, developers can unlock new revenue streams and grow their businesses in one of the most exciting markets in Southeast Asia.
- Simplify compliance and fraud management: One of the biggest challenges in entering new markets is dealing with local regulations, taxes, and fraud management. Serving as the Merchant of Record, Xsolla can handle all the backend logistics, ensuring that transactions are secure and compliant with local regulations, so developers can focus on building and promoting their games.
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