Sathapana Bank and Mastercard – the leading global technology company in the payments industry – on May 30 announced a partnership to launch the "Tap on Phone" service in Cambodia.
Tap on Phone is a simple, convenient and safe mobile acceptance solution that allows business owners to accept payments for their products or services via a smartphone.
The partnership marks a new milestone between Sathapana Bank and Mastercard to bring innovative, simple and cost-effective acceptance solutions that will help boost contactless payments in Cambodia, especially at micro-merchants, small businesses and mobile venues.
“We are thrilled to announce our exciting partnership with Mastercard and proud to be the first bank in Cambodia to offer Tap on Phone service via 'Sathapana TuTort', a cutting-edge technology that will enable our merchants and businesses to accept cashless payments with utmost convenience.
"Sathapana TuTort is a merchant app that offers a wide range of options to accept cashless payments.
"With the integration of Tap on Phone, we will be able to offer our merchants a seamless and secure payment experience, without the need for any additional hardware or devices, while also boosting their business efficiency and reducing operational costs,” said Jean Pierre Gagnon, Sathapana Bank Deputy CEO.
Powered by Mastercard Payments Gateway Services (MPGS), Tap on Phone is a turnkey, cost-effective solution that allows businesses of all sizes to convert any NFC-enabled Android smartphone into a secure payment acceptance device for contactless cards, mobile wallets and smartwatches – with no additional equipment or setup-related costs.
Businesses, specifically micro-merchants and those in mobile services such as food delivery and street-side vendors, can simply download the mobile app, immediately enable Tap on Phone and start providing consumers with a checkout experience that is flexible, seamless, intuitive, and secure – even on the go.
Winnie Wong, Country Manager, Vietnam, Cambodia and Laos, Mastercard, hailed Tap on Phone as "a welcome addition to the payments ecosystem".
“In an omni-channel environment where consumers’ use of digital and cashless payment methods is on the rise, business owners and merchants are looking for solutions that can enable them to meet consumer’s evolving preferences, and give consumers the choice of paying how they want.
"Tap on Phone is therefore a welcome addition to the payments ecosystem as it provides a simple, quick, convenient and cost-effective solution for merchants to accept payments easily, even on the go.
"Tap on Phone technology will transform the way Sathapana Bank’s 200,000 micro and SME merchants interact with their customers while boosting Cambodia’s cashless agenda.”
“With no extra or costly hardware required, Tap on Phone not only enables consumers more payment choices, but also allows small businesses to participate in the digital payments ecosystem, in particular small businesses and mobile vendors.
"This partnership with Sathapana Bank is also part of Mastercard’s global commitment to bring a total of one billion people and 50 million micro and small businesses into the digital economy by 2025,” she said.
During the Covid-19 pandemic, businesses in Cambodia, particularly MSMEs, pivoted to allowing digital payments. To date, card and digital payments are on the rise in the Kingdom, with 70 per cent of Cambodians having access to bank accounts and e-wallets.
According to a report from the National Bank of Cambodia (NBC), in 2021, e-payments transactions were worth 415.5 trillion riel ($102 billion), which represents a 34.5 per cent rise from 2020.
The country’s tech-savvy population and increasing smartphone penetration have led to a growing demand for convenient and cost-effective acceptance solutions among small merchants to cater to this change in consumer payments preference.
Micro, small and medium-sized enterprises (MSMEs) are a crucial component of Cambodia's economy, representing 99.8 per cent of total enterprises in Cambodia and contributing 58 per cent of the country's GDP.
Expanding access to markets and financial resources for MSMEs and enabling them to participate in the digital payments ecosystem are therefore key to achieving sustainable economic growth for the country.
“We are excited to begin rolling out Tap on Phone via Sathapana Tutort app and look forward to the positive impact it will have on MSMEs.
"Thank you Mastercard for your continued support and we look forward to delivering even more value to our customers in the future,” said Jean Pierre Gagnon.
To sign up for Tap on Phone, merchants can download the Sathapana TuTort app or contact Sathapana Bank to receive the guidelines and support for onboarding.
About Sathapana Bank, https://www.sathapana.com.kh/
Sathapana Bank is a leading commercial bank in Cambodia, with total assets of more than US$2.7 billion and over 4,400 employees.
It has an extensive nationwide network, with more than 170 branches, three Sathapana Premier Banking halls and over 300 ATMs.
It provides complete banking services such as loans, deposits, S2Biz, Mobile Banking, debit and credit cards, domestic and foreign remittances, cross-border fund transfers with SWIFT and Visa B2B Connect, Western Union, trade finance, and other financial services.
In addition, Sathapana Bank offers tax collection services and public service payments with the Ministry of Public Works and Transportation, and the Ministry of Labour and Vocational Training.
It cooperates with mobile payment providers such as Wing, Pi Pay, TrueMoney, Ly Hour Veluy, eMoney and Bakong to further customer convenience.
About Mastercard (NYSE: MA), https://www.mastercard.us/en-us.html
Mastercard is a global technology company in the payments industry. Its mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.
Using secure data and networks, partnerships and passion, its innovations and solutions help individuals, financial institutions, governments and businesses realise their greatest potential.
With connections across more than 210 countries and territories, Mastercard is building a sustainable world that unlocks priceless possibilities for all.