Presently, many financial institutes armed with the latest financial-technology (Fintech) solutions are throwing their hats into the ring of the digital payment market in Cambodia. Phnom Penh Commercial Bank (PPCBank), with its ambition to grasp the leading position in payment services as an arm of its retail-banking operations, is paving its way to strengthening the card business. PPCBank is now ready to supply its very own point-of-sale (POS) terminals to stores in Phnom Penh and other major cities to expand the card-business sector, and it recently unveiled a new prepaid-card service with PayOn, which is launching today.
PPCBank is amongst the banks that provide both credit cards and debit cards to the customers and has already built its own merchant POS network for its card-acquiring service. Shin Chang Moo, the president of PPCBank, said: “We have integrated our long experience and expertise of card business in Korea and other countries into the Cambodian market with a dedicated customer-oriented service and believe that building the POS merchant network will be an initial stage of expanding channels to provide a leading service in innovation amongst other banks in the industry. We are also planning to team up with other major international card brands to roll out more options according to customers’ and merchant stores’ needs.”
PayOn card is a top-up-based prepaid card service equipped with all the necessary technologies for digital payment. Customers will be able to purchase and top up the PayOn cards at any branches of PPCBank in Phnom Penh. PayOn cards can be conveniently used at all PPCBank’s POS merchants including all Choice Taxi services. By just tapping PayOn card on the machine provided by all PPCBank merchants using Near-Field Communication (NFC) technology, customers can enjoy an immediate and very effortless payment experience.
Lee Jin Young, director of PPCBank in charge of strategic business, said that “PayOn service will help people to live their lives much simpler and easier. With our NFC and QR [Quick Response] technologies, customers can enjoyably make purchases of goods and services in a time-efficient manner. On top of this, when PayOn cards are integrated with bank accounts, customers will enjoy a real up-to-par impression of benefitting from a real cashless and digital environment for top-up, payment, and cash back using PayOn and mobile app. In addition to this, PayOn also allows customers to make convenient purchases online with mobile app.”
Recently in May, PPCBank launched the bank’s first mobile-banking application with assurance of cutting-edge technology that has achieved great feedback from the market for its differentiated and user-friendly service interface. PPCBank has consistently put lots of effort into building more convenient service terminals for corporate and retail customers, with the expectation to make strong impacts on the financial sector in Cambodia.