Fintech firm True Money (Cambodia) Plc (TrueMoney) on July 14 said it logged “one million transactions” over the past six months for “collecting payments and reimbursing suppliers”, an achievement it says reflects the rising adoption of e-wallets to avoid unneeded exposure to the novel coronavirus.

The company said it has assisted hundreds of “social sellers” with the expansion of their online businesses to the point where internet entrepreneurs using the payment platform reached the key million-transaction milestone.

Late last year, TrueMoney “signed up” more than 300 social sellers to the TrueMoney Wallet, while also offering tips on how to market products online and build a social media presence.

TrueMoney Cambodia chief strategy officer Khuon Frandara asserted that the feat proves the firm’s commitment to social sellers and others doing business online.

She said online payments had surged considerably in the first quarter of this year, amplified by the fact that more people preferred to shop online as a result of the Covid-19 pandemic.

“Our aim is to provide online entrepreneurs and social sellers with the tools and expertise they need to conduct a successful online business.

“More and more purchases are going online – in the same way payments and remittances are too.

“We expect to see this trend continue, and in the next six months we would expect the number of social selling transactions to reach two million,” Frandara said.

Since establishing operations in Cambodia in 2016, TrueMoney has built a network of more than 10,000 agents, offering financial-related services to the unbanked and underbanked segments of society.

The company has more than 65,000 agents serving 40 million users in Southeast Asia – in Cambodia, Thailand, Myanmar, Indonesia, the Philippines and Vietnam, and booked a payment volume of $8 billion in 2019. The TrueMoney Wallet is the number one e-wallet in Thailand.