Cambodia Investment Review
One of the country’s best-known fintech firms TrueMoney is now a part of the National Bank of Cambodia innovative payment system “KHQR”, which helps simplify the payment process for millions of customers in hundreds of thousands of outlets nationwide.
To mark the launch of theTrueMoney Wallet KHQR, TrueMoney is offering up to $5 instant cashback on purchases subject to certain conditions for new users and up to $2 for existing customers. The new and existing customers need to upgrade to a full level TrueMoney account by submitting their ID cards. The offer is valid until August 05, 2022.
Starting from now, TrueMoney Wallet users will be able to scan and pay for their goods at shops and outlets displaying the KHQR stand or logo, free of service charge. Payments can be made in Riel or US Dollar. The KHQR is expected to be available in more than 200,000 outlets nationwide.
TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara said: “This is another first for TrueMoney. By allowing our TrueMoney Wallet customers to pay using QR codes from any banks at any shops with KHQR, we are simplifying and improving the overall shopping experience.”
Ms. Khuon Frandara added: “Using QR codes have now become ingrained in the country’s purchasing process, so by introducing this robust new application we are catering to our customers’ demands.”
The KHQR payment system is one of a number of innovations initiated by The National Bank of Cambodia (NBC). The latest initiative is expected to be widely adopted by financial institutions in 2022.
TrueMoney’s latest announcement follows news of other tie-ups including with retailers such as Makro, Nham24 and online fashion retailer L192.