Home Business Cambodia Officially Launches New Retail Payments System

Cambodia Officially Launches New Retail Payments System

The development of the new system, known as Retail Pay, was backed by a $8mn grant from the Korea International Cooperation Agency.

HLundgaard, CC BY-SA 3.0, via Wikimedia Commons

The NBC (National Bank of Cambodia) has reportedly launched a new retail payments system, as part of government efforts to reduce the use of cash in favour of electronic payments.

In October 2019, the NBC announced a soft launch of the new system – known as ‘Retail Pay’ – in cooperation with KOICA (Korea International Cooperation Agency), KFTC (Korea Financial Telecommunications and Clearings Institute) and Mobile C&C, with six partner banks and one microfinance institution participating in the system.

The development of Retail Pay backed by a USD 8 million grant from South Korea through KOICA, after the two countries agreed to collaborate on enhancing Cambodia’s national retail payments system.

Hailing Retail Pay as a new milestone for Cambodia, NBC deputy governor Neav Chanthana said the system “will play an important role in contributing to the economic development by providing safe, efficient and fast payments that facilitate timely trade settlement.”

In full: https://www.regulationasia.com/cambodia-officially-launches-new-retail-payments-system/

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