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TechCreate Solutions has announced a groundbreaking partnership with IDEMIA Secure Transactions (IST) to deliver cutting-edge digital payment solutions to some of Cambodia’s leading banking institutions. This collaboration marks a significant milestone in the financial technology landscape of Cambodia, paving the way for innovation and widespread adoption of digital payments across the region.
Pioneering Digital Payment Solutions
TechCreate, known for its expertise in digital payment technologies and IT security, has joined forces with IDEMIA Secure Transactions, a global leader in secure payment technologies, to provide state-of-the-art digital payment options. This partnership emphasizes TechCreate’s ability to deliver innovative solutions that meet the evolving needs of financial institutions in Cambodia.
Ronald Vong, Group Chief Operating Officer (COO) of TechCreate Group, highlighted the company’s role in this landmark partnership:
“At TechCreate, we are dedicated to driving digital transformation that benefits individuals and businesses alike. Our collaboration with IDEMIA Secure Transactions reflects our commitment to pioneering solutions that promote financial inclusion and convenience. We are proud to play a key role in this groundbreaking initiative in Cambodia.”
Leading the Charge in Digital Payments
With IDEMIA’s advanced mobile wallet technology, several top banks in Cambodia are set to offer digital payment options through Google Pay and Host Card Emulation (HCE) wallets for Android users. This development positions these banks among the first in Cambodia to provide such advanced digital payment solutions within major international schemes.
Expanding Market Influence
TechCreate’s collaboration with IDEMIA extends beyond a single institution, impacting several of Cambodia’s leading banks. By providing innovative digital payment solutions, TechCreate has strengthened its market presence within the country. These banks, which collectively serve millions of customers and manage a significant portion of Cambodia’s assets, play a crucial role in the nation’s financial ecosystem.
This strategic partnership highlights TechCreate’s ability to shape Cambodia’s digital payment landscape, offering state-of-the-art solutions that cater to the needs of millions. By partnering with leading financial institutions, TechCreate is driving digital transformation, enhancing financial inclusion, and setting new standards for payment convenience and security.
Enhancing Payment Experiences
Through IST’s advanced digital card issuance solution, the banks can now provision and tokenize digital cards into Google Pay, allowing cardholders to make payments easily with their smartphones for both proximity and in-app transactions. This achievement is part of a broader trend towards seamless, contactless, and user-friendly payment experiences.
Romain Zanolo, Managing Director APAC Payment Services at IDEMIA Secure Transactions, expressed his excitement about the partnership:
“We are thrilled to collaborate with these leading banks and TechCreate to transform the payment experience in Cambodia. Our digital card issuance solution and Google Pay integration will provide seamless, secure digital transactions. As we introduce push provisioning and dedicated bank wallets, we are committed to enhancing user convenience and security, driving financial technology forward, and unlocking new digital experiences in emerging markets.”
In the coming months, these banks plan to introduce push provisioning, enabling Android users to enroll their cards into Google Pay with a single click. This feature will streamline the process of adding cards to digital wallets, reducing friction while enhancing user convenience and security. Additionally, the banks will offer dedicated bank wallets, further enriching the customer experience and encouraging the daily use of digital payments.
Global Digital Payment Trends and Tokenization
The global digital payments market is expanding rapidly, with projections indicating it could reach $12.4 trillion by 2025. A recent McKinsey & Company report suggests that digital payments will grow at an annual rate of 12% globally, driven by technological advancements and increased consumer adoption. Moreover, the importance of tokenization in enhancing security and reducing fraud in digital transactions is increasingly recognized. Tokenization, which replaces sensitive payment information with unique identifiers or tokens, is crucial in safeguarding user data and fortifying the security framework of digital payment systems.
Through its partnership with IDEMIA, TechCreate is at the forefront of these global trends, offering secure and innovative digital payment solutions that are poised to transform Cambodia’s financial sector.
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