1. What is “Fast Payment”?
“Fast Payment” is a fund transfer and payment services in Khmer Riel across institutions, which enable customers to receive funds immediately.
2. What kinds of transaction can be executed via “Fast Payment”?
With “Fast Payment”, customers can transfer funds to relatives or friends or make payment on the purchase of goods and services within Kingdom of Cambodia.
3. How do customers access this service?
To access this service, customers just reach the nearest member commercial banks or microfinance deposit-taking institutions (MDIs) or their branches located all over Cambodia, and provide information about your transaction to service officer; then, follow the officer’s instruction to have your transaction completed.
4. Which institutions are the member of “Fast Payment” ?
Currently, customers are able to use this service at offices or branches of 13 institutions; namely, ACLEDA, Cambodian Public Bank, Canadia, ABA, BIDC, Phillip, Sathapana; AMK, VisionFund, Prasac, Amret, Kredit, and Hathakaksekar. Sooner, customers can use this service at offices or branches of all commercial banks and MDIs, as other commercial banks and MDIs are now applying for the membership of “Fast Payment”.
5. What are the channels that customers can access this service?
In the first phase, customers can access this service through all the counters at offices or branches of member institutions across Cambodia. For the next phase, the service will be accessible via mobile phone, computer, and so on, according the available channels offered by individual member institutions.
6. Are customers required to have bank accounts?
For customers who make fund transfer or initiate the transactions, it may be or may not (walk-in customer) be required to have bank account depending on the different terms and conditions of individual member institutions. However, for fund receivers or beneficiaries, it is required to have bank accounts in Khmer Riel held at any member institutions in order to receive funds.
7. How much is the processing fee for using “Fast Payment”?
Customers who make fund transfer or initiate the transactions have to pay processing fee in accordance to progressive transaction amount as following:
|- ≤ 4,000,000 Riel||: fee = 4,000 Riel|
|- > 4,000,000 Riel ≤ 20,000,000 Riel||: fee = 8,000 Riel|
|- > 20,000,000 Riel ≤ 40,000,000 Riel||: fee = 12,000 Riel|
8. What is the maximum amount for each transaction?
The maximum amount for each transaction is capped at 40 million Riel
9. What are the benefits from using “Fast Payment”?
The use of “Fast Payment” is convenient, fast, effective, and reliable. Particularly, customers are able to receive funds immediately to respond to their liquidity need.