Retail Pay Officially Launched

The “National Retail Payment System or Retail Pay System” was launched here today by the National Bank of Cambodia (NBC) and the Korea International Cooperation Agency (KOICA).

The event was presided over by H.E. Ms. Neav Chanthana, Deputy Governor of NBC, H.E Park Heung-kyeong, Ambassador of the Republic of Korea to Cambodia, and Mr. Rho Hyun Jun, Country Director of KOICA Cambodia Office.

Many related entities and distinguished guests including the representatives from the Association of Banks in Cambodia (ABC), Cambodia Microfinance Association (CMA), and related banks and microfinances participated in this ceremony.

According to a KOICA’s press release, the Kingdom of Cambodia and the Republic of Korea agreed to work together on enhancement of national retail payment system of Cambodia from 2015 to 2020 with the grant aid of US$8 million through KOICA for planning, identification/clarification, design, implementation, testing and deployment of three payment systems: a real-time fund transfer (RFT) system, a mobile payment system (MPS), and a QR-code payment system (QPS). It also includes an electronic clearing system (ECS).

The new payment system or “Retail Pay System”, developed under the support of KOICA, is a crucial financial infrastructure which plays an important role in contributing to the economic development by providing safe, efficient, and fast payment facilities for trade settlement. In addition, the NBC has been working on the development of Retail Pay System as a priority in order to reduce the cash usage and stimulate the use of electronic payment in the economy as well as to promote the financial inclusion in line with the government’s financial sector development strategy.

Through the Retail Pay System, when a remitter sends money (Riel or U.S. dollar) either by visiting a bank or using mobile banking, it is deposited to the receiver’s bank account in just a few seconds. This service allows one to pay rent, maintenance fees and utility bills virtually, which reduces the risk of having one’s cash lost or stolen.

 

Source: Agency Kampuchea Press