UnionPay International has announced a partnership with fintech firm Bongloy to launch the Bongloy UnionPay Virtual Prepaid Card which features UnionPay’s Quick Response (QR) Code payment function and their QR Code acquiring for local merchants.
This new partnership between UnionPay International and Bongloy marks several milestones. The Bongloy UnionPay Virtual Card is not only UnionPay’s first Virtual Prepaid Card in the kingdom, but it is also Bongloy’s first foray into payment card issuance. Their Virtual Card launch is Bongloy’s first collaboration with an international payment brand.
The announcement comes after strong support by the government in advancing the Kingdom’s digital economy, which has been reflected in various digital payment initiatives by the National Bank of Cambodia (NBC) at both the industry and policy level.
Cambodia Country Manager of UnionPay International Southeast Asia, Chenda Leang, said that UnionPay strives to increase its payment products and services to meet the needs of local residents and businesses.
“We are pleased to offer the Bongloy UnionPay Virtual Prepaid Card, as a very timely addition to our digital payment services. With cashless transactions, digital payments and e-commerce becoming more important in Cambodia, we hope that our partnership with Bongloy brings about more convenient, seamless and safe payment experiences for our customers,” he said.
Indeed, as a result of the pandemic, digital payment and acceptance between users and merchants has accelerated over the past year with the encouragement of the government, making the new virtual card a welcome addition to payment product offerings.
The rising number of people connected to the internet has increased demand for such services.
According to the NBC, among the Cambodia population of 16.52 million in 2020, there are 21.24 million mobile users and 9.7 million internet users as well as active social media users. This represents a 58 percent online penetration of the total population.
That number has risen 15 percent compared to 2019 figures and it is projected to expand significantly in the coming years. Cambodia currently ranks 17th in the world for relative growth in that sector.
This indicates a strong potential for the country to accelerate in digital payment adoption and usage, as well as fostering a strong foundation to nourish creative and innovative solutions to resolve bottle-neck industrial problems, the NBC said.
Bongloy’s CEO and Co-Founder, Chanda Pen, said Bongloy’s vision is aligned to support NBC’s initiative in empowering the digital economy.
“Bongloy and UnionPay are collaborating to build an infrastructure and digital ecosystem that enables the creation and implementation of innovative financial products and services in the market. The launch of our new virtual product in both static and dynamic forms is a step forward to a cashless payment ecosystem, in addition to previous initiatives in e-commerce acquiring and contactless card payment for UnionPay,” he said.
Users can digitally apply for the Bongloy UnionPay Virtual Card and make payments through the Bongloy App to scan and pay at restaurants, grocery stores, markets, and all shops that accept UnionPay QR Code payment services locally. They can also use them online, at any e-commerce websites that accept UnionPay.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.