Cambodia e-wallet operator U-Pay Digital Co. Ltd says it aims to connect retailers and service providers with their customers and build a stronger B2C relationship.
The company offers a U-Pay Wallet along with branded kiosks and Point of Sale (POS) terminals. Chief Executive Officer Koh Hao Jie said the company will also launch a U-Pay card by the end of March.
“U-Pay aims to bridge the gap between merchants and consumers and build a stronger relationship with and between them through our services,” Koh said. “With the convenience, reach and technical support that U-Pay’s integrated platform offers, U-Pay merchants will be able to help businesses deliver the right message and service to their customers in a more efficient, user-friendly and prompt manner. For our users, the ease and versatility of U-Pay’s digital payment will help reinforce the convenient lifestyle they aspire towards.”
Koh said U-Pay’s products have been a hit with customers, with half a million users registering within a month of the launch, more than double the company’s forecast for the entire first year.
“This accomplishment gives us confidence in our digital payment system and approach and it is a valuable support from the market that we are very thankful for, and we hope that this collaboration will bring us forward even further,” he said.
U-Pay is also teaming up with Business Process Outsourcing company Massive Distributions which will help the company hire merchants across the country and train them so that they can teach customers how to use its QR code and POS terminals. Koh said the collaboration will help cut costs, simplify business operations and maximise productivity.
He described digital payments as the “new normal” in Cambodia, due to their rapid adoption during the Coronavirus pandemic.
“We are now educating and socialising the market to raise the level of acceptance of digital payment, no matter whether you are a merchant or a consumer. I believe that our brand and system of e-wallet payment not only brings the convenience that most desire, but also the additional innovative features and functions such as the digital analysis of payments report will allow BPOs and businesses to formulate more effective sales strategy and planning for merchants,” Koh said.
There are still a few obstacles to a fully cashless society, according to Koh.
“With the use of new technology, security and privacy issues are always the primary concerns for users. To mitigate these concerns and minimise or address them, U-Pay is well prepared with multiple protection layers and security protocols for its system.”
Koh established U-Pay Digital in 2019 and obtained a license from the National Bank of Cambodia the following year. He said he plans to expand U-Pay’s reach and market throughout Cambodia and beyond to other countries in Southeast Asia.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
