Pi Pay will work with the government to facilitate payment of services provided by the Ministry of Transportation by enabling access to cashless solutions for all citizens.
The memorandum of understanding, signed this week by Sun Chanthol, the Minister of Transportation and Public Works, and Thomas Pokorny, CEO of Pi Pay, will allow citizens to use cashless payment technology to pay for a variety of transport-related services, including registering a vehicle, passing technical vehicle inspections, taking a driving test, applying for a commercial license and purchasing a ticket for Phnom Penh’s new water taxi service.
Pi Pay, which launched in June last year, has become one of the most recognisable local brands with its distinctive pink logo and a merchant network encompassing thousands of restaurants, coffee shops, stores and other establishments.
Minister Sun Chanthol said the government is always looking for partnerships with industry-leading companies to boost the country’s economic growth. He said similar arrangements have been worked out with money transfer companies like Wing, Ly Hour Veluy and Smart Luy.
“Today’s MoU will make paying for transport services more convenient, fast, and efficient for all people,” he said.
“This is just the first step and we look forward to furthering cooperation with Pi Pay.
“We want Pi Pay to expand regionally and show the world that Cambodia is able to develop applications for international users,” the minister added.
Pi Pay’s Mr Pokorny, meanwhile, stressed that the agreement represents a big step forward towards boosting the use of cashless payment technology in the Kingdom.
“A partnership like this with a forward-looking and dynamic ministry will encourage even more Cambodians to embrace the convenience and security of cashless in all aspects of their lives, improving financial inclusion and driving financial literacy in the population.”
Regarding the cost of the service that would be provided to the ministry, Mr Pokorny said the details have not been worked out yet, but added he is aiming to supply the service at minimum cost.
“We need to work with the ministry to figure out the cost, but we hope we will charge as low as possible or maybe even provide the service for free. Our vision is not to charge for public services because this will increase the price for ordinary citizens,” he said.
According to Mr Pokorny, in nearly a year since the company was launched, the Pi Pay app has been downloaded by more than 250,000 people. The company now boasts 2,000 merchant partners, mainly in Phnom Penh and Siem Reap. It will soon expand to Sihanoukville and Battambang.
He said the company aims to reach 400,000 users by the end of the year.
“Many might recognise Pi Pay mainly from the food and beverage outlets or the shopping malls where we have built an amazing network of merchant partners in just over one year,” he said.