Pi Pay and ABA Bank yesterday signed a partnership agreement to link Pi Pay mobile wallets to ABA bank accounts, bringing a new level of convenience and integration to their mobile banking and cashless payment apps.
Under the agreement, customers will now be able to transfer money seamlessly between Pi Pay mobile wallets and ABA accounts, using ABA and Pi Pay mobile apps.
Pi Pay CEO Tomas Pokorny said the new agreement seeks to capitalise on the large number of mobile phone users in the kingdom. With a notoriously large unbanked population in the country, Mr Pokorny pointed out the new partnership will facilitate financial access for many, while promoting financial inclusion
“This is a very big step for us at Pi Pay and we are thrilled to be signing a partnership with ABA, widely recognised as the most innovative bank in Cambodia. We can now say Pi Pay is a truly cashless platform as customers can transfer money between ABA and Pi Pay accounts and then use that money to purchase goods and services from partner merchants without ever having to handle cash,” Mr Pokorny said.
“Fintech companies, financial institutions and other associated parties need to find ways to compete fairly in areas where they overlap – on things like customer service, user experience and so on – and focus on areas in which they can cooperate
“This is why ABA and Pi Pay have sought to work together; what could have been an aggressive competition between two digitally-focused entities will now become a strong partnership,” he added.
Askhat Azhikhanov, ABA Bank’s CEO, said the bank has nearly 900,000 mobile banking users, and added that ABA’s online banking platform is very popular among those who want to save time and need round-the-clock access to their bank accounts.
“The programme is even more interesting with the additional services we provide, including the opening of deposit accounts via mobile phone, mobile savings accounts and virtual card openings,” Mr Azhikhanov said.
“ABA has been at the forefront of the digital transformation of financial services in Cambodia and our internet and mobile banking platforms have revolutionised the way people bank in Cambodia.
“This partnership with Pi Pay is a natural next step for us and offers our customers mobile payment options, including some interesting discounts at a wide range of Pi Pay’s merchant partners,” he added.
“The partnership also sets the groundwork for even more innovative services beyond the cashless merchant payments and we are extremely gratified to see that Pi Pay is paying its own staff payroll through the Pi Pay app linked to staff ABA accounts.
“This is a far more efficient and secure way of handling payroll and we are sure it will be attractive to many businesses in Cambodia,” Mr Azhikhanov said.
From September 30, 2017, ABA Bank’s total assets equaled $1.48 billion, making it the fourth largest bank in Cambodia.