Visa, the world’s leader in digital payments, has signed a Memorandum of Understanding (MOU) with the Association of Banks in Cambodia (ABC) extending access to Visa’s contactless EMV® chip standards to strengthen the domestic payment ecosystem and support the Cambodian Shared Switch (CSS) network to co-badge with other international card schemes.

According to its press release AKP received this afternoon, since 2019, Visa offered its EMV® chip standards to the ABC as the national chip specification to accelerate the migration of magnetic stripe payment cards to secure contact EMV® chip technology.

As part of the MOU signed on Nov. 23, Visa will work together with the Association of Banks in Cambodia to support the National Bank of Cambodia (NBC) in developing the domestic payments system. By co-badging cards with Visa technology, payments can be processed through Visa’s advanced global processing network, VisaNet, providing fast, secure and reliable payments around the world.

“The CSS co-badge aligns with the NBC’s directive and will accelerate the development of the digital payments in Cambodia,” shared Dr. In Channy, Chairman of the Association of Banks in Cambodia. “It will also elevate security standards for the benefit of the entire ecosystem. The Association of Banks urges all of its members to join the CSS co-badge to ensure implementation as soon as possible.”

As all commercial banks and Microfinance Deposit Taking Institutes are required to join the CSS network, the co-badging pledge will effectively raise security standards across the entire Cambodian payments system.

“Providing our technology for co-badging to commercial banks and Microfinance Deposit Taking Institutes is a testament to Visa’s commitment to the market. This will allow the entire payments industry to benefit from our world-leading technology, supporting the local payments ecosystem to grow more robust,” said Ms. Monika Chum, Visa Country Manager for Cambodia.

Under the MOU signed with ABC, Visa has also agreed to invest in white plastic review and support the CSS network in this work. For ABC members that choose to co-badge with other international card schemes, Visa has pledged to connect them with third party companies for the relevant services.

The Cambodian Shared Switch is a project by the National Bank of Cambodia to support the interoperability of proprietary debit cards at ATM and POS terminals across Cambodia.

 

 

 

Source: Agency Kampuchea Press

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