Logo of Phnom Penh Post newspaper Phnom Penh Post - Pi Pay leads Kingdom’s new payment revolution

Pi Pay leads Kingdom’s new payment revolution

Content image - Phnom Penh Post
A young woman uses the Pi Pay app at City Mall on May 25, 2017. Heng Chivoan

Pi Pay leads Kingdom’s new payment revolution

Cambodian mobile payment app Pi Pay has shown progress since its service was unveiled in mid-2017, with total transaction value amounting to $170 million and total transactions reaching 7.5 million, the firm’s CEO said on Monday.

Pi Pay CEO Tomas Pokorny said in an e-mail on Monday that Pi Pay’s app has seen close to 400,000 downloads since it was launched in mid-2017. He added that the app currently has more than 250,000 active users.

“We see a continued trend of growth in the use of mobile payment platforms,” the Czech executive said. “Soon, cashless payments will also be far more widely used outside of main urban areas, as the convenience of cashless payments and transfers are better understood.”

Financial inclusion

While the Kingdom is currently a staunchly cash-based society, mobile payment platforms are quickly gaining traction and are providing a new channel to promote financial inclusion.

Pokorny said Cambodia and its digital-savvy young population represent a golden opportunity to leapfrog older technology and bring the Kingdom straight to the 21st century with applications like Pi Pay.

According to Pokorny, Pi Pay can be used at thousands of merchant locations across the Kingdom – ranging from roadside coffee stalls, all the way to international brands – as well as in utility bill payments and event bookings directly through the app.

The app has partnered with several of the Kingdom’s financial institutions, as well as China’s Alipay and WeChat Pay.

“With our partnership with Alipay and WeChat, Pi Pay is also available to use for visitors – mainly from China – without any disruption to the way they spend money back home,” Pokorny said.

On Sunday, Pi Pay reached a partnership agreement with Korea-based KB Kookmin Bank, allowing the bank’s Liiv digital platform to connect to Pi Pay and enable them to join Pi Pay’s local retail network. KB’s Liiv has 76,000 users in Cambodia.

“KB Kookmin Bank’s Liiv will seek to forge ties with various Southeast Asian market leaders to further foray successfully into retail banking in the region,” said Choi Chang-su, managing director of the bank’s global business.

MOST VIEWED

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Locations shut, dozens more Covid-19 positive

    The Ministry of Health has closed 23 locations in connection with the February 20 community transmission of Covid-19 and summoned for testing anyone who had direct contact with affected people and places. The number of discovered related infections has risen to 76, including 39 women. In a press release,

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • PM confirms third Covid-19 community transmission

    Prime Minister Hun Sen on February 20 announced the Kingdom's third outbreak of Covid-19 community transmission after 32 people tested positive in just over 10 hours. Addressing the public from his residence after an emergency meeting, Hun Sen said: "I dub it February 20 Community Event, in which 32 cases

  • Cambodia's cluster cases jump to 259

    The Ministry of Health on February 27 recorded 26 more cases of Covid-19 linked to the February 20 community transmission, bringing the total to 259 in one week. The 26 include three Vietnamese nationals and one Cambodian, with the rest being Chinese. The ministry noted that five of the Chinese