NBC Raises Concern Over Unregulated Payment App
The National Bank of Cambodia has issued a public warning urging people to stay alert after a surge in promotions for an app known as PaiPay, also referred to as PAI, circulating widely on Telegram. The central bank revealed that this app allows users to create wallets, deposit funds, transfer money, and make payments, yet it operates without any regulatory approval. This has raised serious concerns about potential online scams, especially as the app continues to gain visibility through aggressive digital promotion in major areas such as Phnom Penh and Preah Sihanouk. Authorities are emphasizing that the lack of oversight means users could be exposed to financial risks without legal protection.
PaiPay and Pi Pay Are Not the Same
Confusion has grown partly because PaiPay appears to be imitating the name and concept of Pi Pay Plc, a legitimate and licensed digital payment platform in Cambodia. According to the central bank, the PaiPay app is not affiliated with any institution that holds a valid license. It operates mainly through a Telegram chatbot and is also available on major app stores, which may give users a false sense of legitimacy. The NBC made its position clear, stating, “The National Bank of Cambodia confirms that the PAI or PaiPay app is not a mobile payment service operated by any institution licensed by the NBC. Therefore, the public is advised to remain highly vigilant against online scams that may expose them to risks,” said the NBC statement. This clarification directly addresses the growing question among users about which service is legal.
Pi Pay Confirms Its Licensed Status
In response to the confusion, Pi Pay Plc reaffirmed its official standing as a licensed payment service provider regulated by the NBC.
The company stressed that it operates fully in compliance with Cambodian laws and holds the registered trademark rights to its brand. It also acknowledged the central bank’s role in protecting consumers and maintaining transparency across the financial sector. “We would also like to express our appreciation to the National Bank of Cambodia for its continued efforts in maintaining transparency, protecting consumers and taking action against unlicensed or misleading financial service operators,” it said. This statement reinforces that Pi Pay remains a trusted and legally recognized platform, unlike the unregulated PaiPay application.
Authorities Step Up Investigation
The National Bank of Cambodia has confirmed that it is working closely with relevant authorities to investigate the promotion and operation of the PaiPay app. The goal is to prevent further spread of misleading information and protect the public from potential fraud. As digital payment platforms become more popular, officials are urging users to verify the legitimacy of financial services before using them. This case highlights the importance of regulatory oversight in ensuring safe and secure financial transactions in Cambodia’s rapidly evolving digital economy.
Conclusion
The difference between PaiPay and Pi Pay is clear when it comes to legality and trust. While Pi Pay operates under official regulation and complies with national laws, PaiPay has no recognized license and poses potential risks to users. The warning from the National Bank of Cambodia serves as a timely reminder for the public to remain cautious, verify sources, and avoid engaging with unregulated financial platforms. As Cambodia continues to embrace digital payments, awareness and vigilance will be key to protecting both consumers and the broader financial system.