Visa, a world leader in digital payments, on May 2 announced the official launch of its collaboration with ride-hailing service TADA in Cambodia to bolster awareness of cashless payment and Visa’s suite of digital payment solutions.
One hundred of TADA’s electric tuk-tuk will be in vibrant Visa blue and will feature the Visa and TADA logos along with artistic cityscapes and Cambodian iconography, said a Visa’s press release, adding that the back of the green energy tuk-tuk will also feature a large QR code for customers to effortlessly download TADA’s ride-hailing app.
According to the same source, Cambodians are rapidly adopting digital payments, enjoying convenience and security, and Visa offers solutions to successfully navigate this burgeoning digital economy. The Consumer Payment Attitudes Study 2022 by Visa showed that while cash is still the most common form of payment, 68 percent of respondents said they use QR codes via mobile phone to make payments, up from 12 percent just two years earlier, and three out of five Cambodians use QR payment at least once a week. Contactless cards are quickly becoming the payment method of choice in Cambodia, especially among the younger generations, as consumers seek out fast, secure and convenient transaction experiences.
“Cashless payments are becoming increasingly popular in Cambodia, especially among Millennial and Gen Z consumers in urban centres such as Phnom Penh and Siem Reap, who tend to be digitally savvy, love travelling and have a keen preference for eCommerce and new shopping experiences. They are also well-informed and care deeply about the environment,” said Ms. Ivana Tranchini, Visa Country Manager for Cambodia. “We are thrilled to partner with TADA to raise awareness of all the benefits of going cashless and how Visa can provide solutions for all their payment needs. As a pillar of the digital economy, Visa seeks to use its network to empower individuals, businesses, and economies to prosper.”
TADA, which has amassed more than 1 million users since it launched in 2018, entered the Cambodian market in 2019 with its zero-commission ride-hailing app, and last year, TADA’s parent company, Singapore-based MVL Foundation, introduced its e-tuk-tuk to the Kingdom. TADA drivers earn 100 percent of their fare as the company does not charge commissions from drivers. Thanks to this zero-commission policy, TADA has been able to expand rapidly in Singapore, Vietnam, and Cambodia. According to MVL’s 2022 annual report, as of the end of 2022, the number of bookings in Cambodia increased more than four times from the end of 2021 while the number of drivers increased more than three times.
The Visa Consumer Payment Attitudes Study 2022 also showed that more than half of Cambodian consumers are either already active in minimising the environmental impact of their consumption or are planning to take steps to do so, with many Cambodians already recycling, composting organic waste, and carrying a reusable bag when shopping and reusable cups and utensils to cafes. Almost two-thirds of those surveyed said they are interested in brands that focus on environmental, social and governance (ESG) issues and sustainability, while close to two in five consumers said they were willing to donate some or all of their card reward points to a greater cause, such as pollution reduction, waste management or promoting the use of renewable resources.
“More and more Cambodians are making a conscious effort to use their consumer choices to help protect the environment, and TADA, with its fleet of green energy e-tuk-tuk, is in the pole position to provide passengers sustainable mobility with secure and convenient payment options,” said Mr. Limkosal Ty, Country Manager of TADA in Cambodia. “A collaboration with Visa makes perfect sense for us as they are the leader in cashless payment and we both share a commitment to sustainability.”
Visa strives to be an industry leader in addressing ESG topics in its role as a payments technology company. Visa has achieved carbon neutrality across its operations beginning in 2020 through its ongoing energy efficiency initiatives and is committed to achieving net-zero emissions by 2040, a timeframe at least 10 years ahead of the Paris Climate Agreement.
Source: Agence Kampuchea Presse