NBC issues new prakas to protect online payment

The National Bank of Cambodia (NBC) issued a new prakas (order) yesterday that instructs all payment service providers (PSPs) in the Kingdom to apply for an operating license, aiming to protect online customers against the risk of fraud. The prakas affect all registered firms providing retail outlets online services for accepting electronic payments by a variety of payment methods, which include credit card and bank-based payments such as direct debit and bank transfer. Banks and financial institutions that offer real-time transfer for payments to shop and retail outlets, as part of their online banking services, would also need NBC approval. According to Chea Serey, NBC director-general, firms that wanted to apply for a PSP license need to have at least $2mn in reserves and is required to deposit 5% of its registered capital with the NBC once the license is issued. She said the prakas would also apply to third-party processors that let customers accept online payments without a merchant account of their own. (Source: Khmer Times)