Visa partners with Total and Bayon Market to expand contactless payments acceptance
02/22/2021
Demand for tap to pay payment option surges among customers and business alike in wake of pandemic
Visa, the world’s leader in digital payments, today announced the launch of contactless payments at Total stations1 and Bayon Market locations2 across the country. The partnerships come as the adoption of contactless payments accelerates in the country amid the new hygiene best practices brought by Covid-19.
Cambodia’s rapidly changing payment landscape reflects global trends in consumer preferences. Visa’s Back to Business Study found that 78 percent of consumers worldwide have adjusted how they pay for items due to safety concerns and nearly half (48 percent) would not shop at a store that only offers payment methods requiring contact with a cashier or a shared machine like a card reader. Contactless payments enable cardholders to “tap to pay” using Visa credit, debit and prepaid cards, without the card ever leaving their hand. In addition, no signature or PIN is required for transactions up to US$50.
“Consumers are already expressing a strong desire for contactless payments with 57% of all Visa card transactions being tap to pay3,” Ms. Monika Chum, Visa Country Manager for Cambodia, said. “The driving force behind this previously was the seamless shopping experience, which offered convenience for customers and a more competitive service experience for businesses. That all changed last year – the surging interest we’re seeing now is driven by everyone’s increased consciousness of safe and hygienic practices.”
Mrs. Sopheak Kem, Vice President Marketing & Lubricants of Total Cambodge, said: “Our mission is to help drivers fill their tanks at Total stations and get back on the road as quickly and safely as possible. Visa’s tap to pay system makes significant gains in both these areas, allowing our customers to pay in just seconds and to do so without the risk that comes with physical contact that we must be wary of during the pandemic.”
The sentiment was shared by Mr. Chheang Meng, General Manager at Bayon Market. “We are very excited to be able to offer our shoppers an advanced payment option. Accepting contactless payments will mean a much faster check-out process and shorter lines – making life easier for our customers and employees alike, and boosting our overall operational efficiency.”
Despite the Cambodian economy being heavily reliant on cash, new methods of paying digitally are gaining traction with consumers. Based on Visa’s Consumer Payment Attitudes Study 20204, consumers rank supermarket and gas stations as second and fourth in the list of essential categories that are most likely to lead the transition to a cashless society. Meanwhile, one third of Cambodian respondents (31 percent) have increased their use of contactless cards, and nearly half (45 percent) are interested in making contactless payments.
1 https://www.visa.com.kh/en_kh/visa-offers-and-perks/total/145988
2 https://www.visa.com.kh/en_kh/visa-offers-and-perks/bayon-market/145987
3 VisaNet data December 2020.
4 The Visa Consumer Payment Attitudes Study was prepared by CLEAR in December 2020, surveyed amongst 7,526 consumers in Singapore, Philippines, Thailand, Indonesia, Vietnam, Malaysia, Myanmar and Cambodia.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.