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.”
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.