Chip Mong Bank and ride-hailing service TADA yesterday signed a memorandum of understanding on digital payment services to provide additional options for paying for services via the bank’s mobile app.
The partnership between the two companies reflects a strong commitment to providing benefits, convenience and modernity to customers.
Ven Kamsan, senior manager of Ecosystem Management at Chip Mong Commercial Bank Plc, said: “This partnership will allow customers to pay TADA’s travel expenses through the Chip Mong Bank app more easily and securely without having to carry cash.”
There is a growing number of digital mobile payment companies in Cambodia that are also increasing their versatility and means of cashless payment options.
This has opened up opportunities for Cambodian small and medium enterprises, bigger businesses and e-commerce platforms. Even friends and family can make use of these digital payment platforms and e-wallets to transfer money, pay bills and staff without needing to hand over physical cash.
TADA General Manager Chim Poly said: “This partnership does not only make it easier for Chip Mong Bank customers or TADA users in saving time and making things more secure, but it is also a driving force for the payment sector widening contactless payments in Cambodia.”
The National Bank of Cambodia (NBC) was already a supporter of the changes that digital payments and services were bringing through the financial technical sector. “To contribute to the prevention of COVID-19, the NBC encourages financial institutions to reduce the use and issuance of cheques for cash settlements and payments by utilising electronic payment systems where possible,” the NBC said in March.
This means Cambodian banks, financial companies, retail and food and beverage outlets as well as utility companies have promoted cashless services and platforms and minimising exposure to, and possible risk of, spreading COVID-19.
The number of active e-wallet accounts in Cambodia reached 5.22 million in 2019, the NBC said in a report in mid-2020. Mobile payments via banks and payment service institutions equalled 22.9 percent of 2019 GDP.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.