Smart Axiata Co., Ltd. (“Smart”) has reached an agreement with Pi Pay PLC. (“Pi Pay”) to merge its subsidiary SmartLuy PLC. (“SmartLuy”) with Pi Pay, thus combining both businesses and expecting to positively shape the Kingdom’s digital payment ecosystem.
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Pi Pay, which was the first-mover in digital app-based payments having gained tremendous traction with merchants and showcasing future potential for more value-added services, will strengthen its operations with SmartLuy’s strong agent network, complemented by Smart’s subscriber portfolio and analytics capabilities.
The total cashless digital payment market in Cambodia will reach 2.21 billion USD in 2019. Smart Axiata and Pi Pay appear to be forging the merger to get a lions share of this market with both being predominant cashless payment system.
Following the Approval in Principle from the National Bank of Cambodia, both companies have opted for an early voluntary disclosure to provide transparency as several matters, including the integration of both companies, are in the process of being finalized