Cambodia’s e-commerce sector has been gaining momentum in recent years, with a cluster of financial technology (fintech) companies giving their best efforts to make a sustainable mark in this predominantly cash economy.
Following in suit is ABA Bank’s foray into fintech, PayWay. This is the online payment gateway developed by the bank to make trading online hassle free. It allows businesses to integrate payment gateway into their existing website or mobile application easily and start selling their goods or services online. Currently, PayWay supports payments through major international cards such as Visa and Mastercard; later, it will start accepting payments from UnionPay International (UPI) cards and local e-wallets.
“We at ABA Bank are closely tracking the changes in the local market. With the increase of access to the Internet and growing popularity of gadgets, the consumers’ buying behavior changes accordingly. In this regard, we developed and launched the PayWay payment gateway platform that would help to grow the e-commerce in the market and cater to various types of businesses,” said Zokhir Rasulov, the chief digital officer of ABA Bank.
The segment of e-commerce and online payments has started to grow recently in Cambodia, so introduction of such a platform now was a natural fit for ABA. The bank created PayWay to meet growing demand for online payments focusing on two important aspects; to provide Cambodian businesses with the new channel of sales, and at the same time, let them trade internationally by accessing to the wider audience and to connect Cambodian consumers with local businesses and let them make purchases with ease and securely while at home or in the office.
ABA Bank developed this platform focusing on the following advantages for merchants and their customers. Merchants enjoy easy connection coupled with seamless integration with their website or application and advanced payment management and monitoring system In addition there us high quality support and maintenance from ABA team throughout the integration, so the merchant will not have to do this work on their own.
By offering affordable rates for merchants customers inadvertently enjoy zero costs; adding to the appeal of PayWay. In turn end users now have various payment methods that make usage of the platform easy and convenient. Convenient and modern user experience (checkout flow) with mobile-friendly interface combined with innovative security technologies ensures data protection and the safety of online transactions.
“PayWay is an additional payment option for public service providers or businesses who want to provide service or sell goods online. It can help merchants to boost their volume of sales through digital channels and provide their customers with convenient and secure way of making a payment”, concluded Rasulov.