NBC rolls out soft launch of its Retail Pay System
THE National Bank of Cambodia (NBC) on Wednesday announced the soft launch of its Retail Pay System which aims to boost interbank market activity and inclusion in the Kingdom.
The NBC will operate the system in cooperation with Acleda Bank Plc, Cambodia Post Bank Plc, Vattanac Bank, Canadia Bank Plc, Kookmin Bank Cambodia Plc, Phnom Penh Commercial Bank and the microfinance deposit-taking institution Prasac Microfinance Institution Ltd.
It will consist of three retail payment mechanisms – Real-Time Fund Transfer, Mobile Payment System and QR-Code Payment System – and Electronic Clearing System, which is an electronic method to transfer funds.
The main purpose of the soft launch is to promote innovation in the retail payment system, improve interbank transactions, accelerate operational efficiency and enhance fund transfer security through “fast, secure and convenient” electronic means, said the NBC.
“The Retail Pay System will significantly contribute to promoting financial inclusion and facilitating the fund transfer in the market which is the important factor for economic development,” the central bank said.
Mekong Strategic Partners Co Ltd (MSP) said Cambodia’s adoption of financial technology has shown rapid growth recently, despite the current low rate.
MSP estimates that the Kingdom’s digital payment market is set to be worth $2.215 billion this year – a 37 per cent increase on last year – and will be worth $3.469 billion next year.
To spur digital payment development in the Kingdom, the NBC has moved beyond the local market by cooperating with its neighbouring countries to implement a QR code-based payment system.
In February, the NBC signed a memorandum of understanding with the Bank of Thailand on “Cooperation in Financial Innovation and Payment Systems”.
It is aimed at expanding cooperation in finance technology and payment services to promote efficiency, the safety of crossborder payment transactions and national currency use.