Did you know that in Cambodia, the digital payment market is expecting a to grow 37% in 2020 compared to 2019?
A payment transformation is happening in Cambodia! In 2019, the National Bank of Cambodia has started the rollout of national mobile payment platforms, including real-time fund transfers and QR payments. Advanced technology has transformed digital payments aiming towards a more convenient way of transacting for customers. In anticipation of a better shopping experience, it will be exciting to see digital payments soar in 2020. Here is our prediction of the top 3 digital payment trends this year.
One innovation that is transforming the payment system market, is mobile points-of-sale (mPOS, or mobile POS). A mPOS is a wireless device that functions like a cash register. A few examples of a mPOS are tablets or smartphones that act as a payment terminal. This point-of-sale system is gaining popularity among merchants because of its speed and convenience. With it, users can expect to wait less, carry less cash and fewer cards as well as paper receipts and quickly share positive experiences. mPOS are a hit especially at concerts, flea markets, and food truck venues, because merchants are able to seamlessly accept payments.
Biometric Authentication is another digital payment trend that is picking up in the technology world. It is the process of verifying one’s identity with the structural characteristics of a person. For instance, your fingerprint or facial recognition can be used to approve transactions, log into your bank account and more. The biometric authentication is considered a safer payment method as it provides accuracy, efficiency and security for digital payments This is especially the case when preventing identity theft issues as the verification process involves a person’s unique physical characteristic. The strength in the security of this payment method also helps when building customer loyalty and trust.
While this payment method has not appeared in Cambodia, the technology is already being used in immigration and voter registration in Cambodia, it is only a matter of time before it is being adopted as a digital payment. Are you excited to experience this payment method?
You’re probably familiar with the E-wallet payment method by now. Even though it has been around for a while, it is one of the most highly demanded digital payments. It is a mobile wallet that works like an actual physical wallet, often linked to your bank account, enabling you to transfer or receive funds, store money and make other transactions. With an E-wallet, users can even pay their utility bills or buy movie tickets – how convenient is that?
Some E-wallets even allow you to collect reward points or cashbacks. To summarise, a mobile wallet consists of various transactional components that work together to create an easy, quick, and cashless payment service. With over 20 players, the E-wallet market in Cambodia is booming with Pi Pay being a pioneer E-wallet solution provider since its inception in 2017.
Digital payments are definitely the future. With the blend of convenience, safety and speed, it will not be a surprise to see more players emerging in the market as consumer demand continues to rise. In the coming years, we can definitely expect more and more digital payment users in Cambodia.
Which one are you looking forward most to?
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