Yuanta Reports

Visa prepares to launch QR code payment platform in Cambodia

Global payments giant Visa is preparing to launch in Cambodia and 10 other countries worldwide the mVisa, a QR code payment platform that would allow consumers to use their mobile phone to make cashless purchase at merchant outlets, according to the company’s spokeswoman. In a press release at the unveiling of mVisa earlier in February, the company explained that the digital payments service allow retailers to accept payments without investing in expensive point of sale (POS) machinery, and is available to any consumer with a camera-equipped smartphone. Visa expects the first banks in Cambodia to start offering the service in the third quarter of 2017. David Totten, director at Emerging Markets Consulting, said the technology could become widely adopted in Cambodia given its low infrastructure costs and the country’s rapid uptake of smartphone ownership. Chy Sila, general director of CBM Corporation, which operates food franchises like Domino’s Pizza, Lotteria and Tous les Jours bakery, said his company has partnered with Pi Pay to offer various form of mobile digital payments including QR codes at several restaurant locations. He noted that in order to improve adoption rates, companies needed to ensure that consumers understand the technology and incentivize its use. (Source: Phnom Penh Post)

Economy & Industry

28th June 2017

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