Making cashless trendy in Cambodia: the story of Pi Pay

Making cashless trendy in Cambodia: the story of Pi Pay

The fintech company is the exact reflection of the face of Cambodia’s startup environment: fresh and dynamic

Behind the catchy name and youthful, shocking, pink logo of Pi Pay, it is Paul Freer, the Chief Commercial Officer (CCO) of Pi Pay.

Freer is in charge of ensuring the brand stays relevant and serves its purpose of taking care any money-related transaction within one app. This means he is the perfect person share his wisdom when it comes to the cashless scene in the busy Phnom Penh, Cambodia.

e27 got a chance to speak to Freer and asked him about Pi Pay’s approach to Cambodia.

Having branded itself as a complete cashless payment platform in Cambodia, Pi Pay’s biggest edge arguably lies in its customer-listening approach.

They heavily adjust their company based on what their users have to say, allowing them to combine merchant payment services for transaction with multiple retail partners in Cambodia. Furthermore, Pi Pay has a range of engaging features that youngsters will be drawn into, such as chat, maps, and their original Friend Finder.

Convenience and reliability to change the face of Cambodia’s economy

By including dining, entertainment, retail, and lifestyle brands, the company has a mission at hand: to make a secure option available in the growing e-commerce economy in ASEAN.

Claiming to have a local business conglomerates backing them up, Pi Pay is able to present itself as a payment platform for everyone. It wants to be direct responsible for the Kingdom of Cambodia’s journey from a cash-only to a digitally friendly nation for entrepreneurs and society.

“The growth of smartphone usage and cheap data rates propel the digital-savvy young population of Cambodia; our target market for the cashless lifestyle we bring to the society. Our technology can be a central solution for the increasing demand of new ways to do daily transaction outside the limiting brick and mortar bank, and ours is a secure and convenient option,” said Freer.

Straightforward way of transaction

By downloading the app, signing up, accessing the digital wallet in the app, and utilize all the available features, users have started to migrate their cluttering cash to an all-in-one cashless hub on their smartphone.

The company prides its multiple options for adding funds to their digital wallet, such as through different mobile banking apps, different automatic cash-in points and physical cash in locations at merchants, banks, MFIs and others.

Transactions available under the platform includes e-wallet for registered merchants, paying bills, topping-up mobile data, buying transportation or event tickets, ordering food, booking taxi, and transferring money.

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It can be said that the app is inspired a lot by PayPal, the pioneer of all-digital transaction, considering it also features option where users can become merchants with the app and take payments for goods or services they’re selling.

They can use a QR code or money transfer features to collect payment.

An app that listens

Freer shared some ways the users can leverage on Pi Pay’s wide network of merchants.

“I think it is what sets us apart. The number of different ways a user can benefit from the convenience and security of Pi Pay varies and all paid for through the app. Being able to accept payments on your Pi Pay app and then channel those funds seamlessly to a bank account or to another user’s wallet are also key features that our customers are using more and more,” said Freer.

“We listen to what new opportunities, partnerships, and services that will add value for our partners and customers,” he added.

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By listening to what the youth market is looking for, Freer admitted that it was a speedy, almost drastic, change for them from their beginning in 2017 to their status today. The company claims to have 250,000 active users doing a total of US$150 million worth of transaction.

Right now, Malaysia’s CIMB bank is backing Pi Pay in handling all client deposit and merchant payments along with Germany’s Wirecard, a global leader in secure online and mobile transaction solutions.

They also have got the license and regulation by National Bank of Cambodia for compliance and transparency in their operation.

What’s next for PiPay

The company wants to allow users to introduce a ‘proximity payments’ concept with fingerprint recognition. It also is looking into loyalty programs and couponing. With their social features, the company also analysed the latest trends through how people interact with friends through their app.

With overseas partners like AliPay and WeChat, Freer said that he is positive they are moving towards the right direction.

“The population is young and online, the government is supportive of creating a digital economy, and businesses here are taking full advantage of the chance to leapfrog to the most modern technology to serve their customers,” said Freer.

“We continue to work on the next innovation by staying true to our main goal, which is to bring easier transaction to customers and merchants,” he added.

As ASEAN is becoming a major economic player in the region and the world, Pi Pay is getting ready to strap on for the ride, and for Cambodia Kingdom as their primary market, the future is looking good.

Image Credit: Phnom Penh Post

The post Making cashless trendy in Cambodia: the story of Pi Pay appeared first on e27.

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