UnionPay Partners Fintech Form Bongloy for Virtual Card Issuing & QR Code Acquiring
● Bongloy UnionPay Prepaid Card is UnionPay’s first Virtual Card in the kingdom
● Bongloy chooses UnionPay as its first international card brand to issue its first Virtual Card in Cambodia.
December 29, 2020, PHNOM PENH. UnionPay International today announced a partnership with Fintech firm Bongloy to launch the Bongloy UnionPay Virtual Prepaid Card with UnionPay Quick Response (QR) Code payment function, and UnionPay QR Code acquiring for local merchants. Users can digitally apply for the Bongloy UnionPay Virtual Card and make payments through the Bongloy App to scan and pay at restaurants, grocery stores, markets, and all shops that accept UnionPay QR Code payment service locally as well as online at any e-commerce websites that accept UnionPay.
This partnership between UnionPay International and Bongloy marks several milestones - The Bongloy UnionPay Virtual Card is UnionPay’s first Virtual Prepaid Card in the kingdom, and is Bongloy’s first foray into payment card issuance. This Virtual Card launch also marks Bongloy’s first collaboration with an international payment brand like UnionPay.
The Royal Government of Cambodia has been a strong supporter in driving the digital economy, which is reflected in various initiatives in digital payments by the National Bank of Cambodia (NBC) from both the industry and policy level. With the impact of the Covid-19 Pandemic, digital payment and acceptance between users and merchants have been encouraged and accelerated over the past year.
“UnionPay strives to increase its payment products and services to meet the payment needs of local residents and businesses. Thus we are pleased to be able to offer the Bongloy UnionPay Virtual Prepaid Card, a very timely addition to our digital payment services. With cashless transactions, digital payments and e-commerce becoming more important in Cambodia, we hope that our partnership with Bongloy bring about more convenient, seamless and safe payment experiences for our customers,” said Ms Chenda Leang, Cambodia Country Manager, UnionPay International Southeast Asia.
According to recent data published by NBC, among the Cambodia population of 16.52 million in 2020, there are 21.24 million (128%) mobile users, and 9.7 million internet users as well as active social media users, representing a 58% online penetration of the total population. The number was a 15% increase from 2019 and is projected to further expand significantly in the coming years, which has Cambodia ranked 17th in the world for relative growth. This indicates a strong potential for the country to accelerate in digital payment adoption and usage, as well as fostering a strong foundation to nourish creative and innovative solutions to resolve bottle-neck industrial problems.
Mr. Chanda Pen, Bongloy’s CEO and Co-Founder, said “Bongloy’s vision is aligned to support NBC’s initiative in empowering the digital economy. Bongloy and UnionPay are collaborating to build the infrastructure and a digital ecosystem that enables the creation and implementation of innovative financial products and services in the market. The launch of the Bongloy UnionPay Virtual Card with UnionPay QR Code payment and UnionPay QR Code acquiring for local merchants in both static and dynamic forms are steps forward to a cashless payment ecosystem, in addition to the previous initiatives of the e-commerce acquiring and contactless card payment for UnionPay.”