The country is greatly unbanked, but mobile digital transactions are now rapidly on the rise.
Cambodia has been struggling to drive mobile payments to the point that they are mainstream but a new QR code solution appears to be correcting the issue. The quick response codes are sending a growing number of mobile device owners to their smartphones when they reach the checkout counter.
The kingdom is hoping to reduce the use of cash, which remains its most commonly used form of transaction.
As cash is an expensive way to keep up transactions, Cambodia had been hoping to reduce its use in favor of mobile payments. Unfortunately, this primarily unbanked country has seen very slow adoption of mobile wallets and transactions.
There are several possible reasons for this lack of acceptance of the technology, but it appears that a QR code solution may help to overcome them. A new option to pay for goods and services by way of a quick response code scan is making mobile payments more appealing in the country.
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As a result of this new QR code solution, a rising number of Cambodians are choosing to scan to pay.
The QR codes offer an opportunity for money transfers to be completed with nothing more than a barcode scan between a customer and merchant. The technology is readily available as all the individual needs is a smartphone, though merchants can use barcode reading devices if that’s what they prefer.
The use of this mobile technology makes it possible for instant funds transfers to occur between digital bank accounts. This tech had started off as essentially unknown in Cambodia, but a number of financial sector players are pushing hard within that market. They are taking aim at younger consumers who are comfortable with using smartphones for a range of different activities and who find QR codes more familiar.
The goal is to transform the shopping ecosystem in Cambodia and to create a much more mobile friendly experience. The QR code solution is easy to understand and adopt and, according to Pi Pay CEO, Thomas Pokorny, the barcodes are greatly adapted for the rising digital payment sector within the country.