The Association of Banks of Cambodia (ABC) has signed an agreement with International Card Schemes to make Visa, MasterCard and Union Pay International more widely accepted and easier to use in the country.
The three MoUs aim to encourage wider acceptance of contactless card payments, increase access to automatic teller machines (ATM) and point of sale (POS) and strengthen Cambodia’s payment system. .
The signing ceremony was attended by Deputy Governor of the National Bank of Cambodia (NBC) and Managing Director of the Central Bank Chea Serey, Chairman of ABA In Channy and representatives of the three card issuing companies. credit. More than 50 people attended the ceremony, and 100 more joined online, including government officials, bank officials, members of international card companies and other relevant stakeholders.
First MoU Expands Access to Visa EMV Contactless Chip Standards to Strengthen Contactless Payments and Support Cambodian Shared Switch Network (CSS), to Expand Credit Card Access at local ATMs and outlets.
ABC and Visa are also committed to working together to support NBC.
In the second MoU, ABC and Mastercard discussed issuing a co-badged debit card that meets local issuance and branding standards.
In the third, ABC and UnionPay International also agreed to work together on a debit card that also meets local regulations.
âPayment systems play a crucial role in contributing to economic development by providing efficient payment for trade and remittance. Serey said, adding that the rapid development of e-commerce has encouraged banks and financial institutions to take advantage of technologies such as ATMs / POS, contactless and mobile payment, and the use of QR codes.
âThe signing of the MoU today will further address the remaining challenges by enabling faster adoption of the CSS system for members of the institutions, offering customers the option of using payment cards and the CSS system, and improving NBC’s implementation of its notification. Promoting the safety and efficiency of payment systems is the main objective of the National Bank of Cambodia to support the government’s financial inclusion program and move towards a cashless economy. To achieve this, it requires commitment and collaboration between the authorities and the private sector, not only in Cambodia but also in the region, âshe said.
ABC President In Channy called the MoUs a milestone towards the adoption and implementation of a digital economy and the transformation to a cashless society.
âThe ABC and the three international card schemes are actively collaborating to promote the digital agenda in Cambodian society,â he said.
Channy said the MoUs were in line with the government’s National Strategy on Financial Inclusion 2019-2025 and Cambodia’s Strategic Framework for the Digital Economy and Society 2021-2035, helping the Kingdom to build a digital economy dynamic to promote growth and social well-being.
âProviding our co-badging technology through commercial banks and microfinance depositories demonstrates Visa’s commitment to the market,â said Monika Chum, Visa Country Director for Cambodia. âThis will allow the entire payments industry to benefit from our advanced technology, helping the local payments ecosystem to become more robust. “
Mastercard’s national director for Vietnam, Cambodia and Laos, Winnie Wong, said Cambodian consumers have joined the global movement to take a digital first approach.
âMastercard is honored to be part of this MoU which will play a central role in realizing Cambodia’s ambition to become a leading digital economy. Working with key players in the private and public sectors, Mastercard will leverage its global knowledge, expertise and innovation to create a payments ecosystem that provides Cambodian consumers with greater choice and flexibility in how which they want to pay, anywhere and anytime, âWong said. noted.
UnionPay International local chief executive Leang Chenda said her business is fully aligned with NBC to foster a cashless society in the Kingdom and make financial services more inclusive and efficient.
âWe are delighted to work with ABC to help modernize Cambodia’s payment infrastructure and encourage more innovation in payment products and services,â said Chenda. âAs part of the co-badge debit card agreement, ABC members will be able to extend the accessibility of their customers to the CSS network nationwide to support the national payments ecosystem. Outside of Cambodia, UnionPay customers can use the cards internationally through our network in 179 markets, âshe said.