About a decade after its launch, Cambodia-based mobile money provider Wing has added a virtual prepaid Mastercard to its platform, enabling its audience of unbanked and underbanked consumers to shop online.
Wing, which enables money transfer, bill payment, payroll and disbursement services through a mobile network supported by 5,000 Wing agents and 10,000 merchant partners within Cambodia, also expects to make a physical prepaid Mastercard available to users later this year, according to a recent press release.
The move aligns with the Cambodian government’s goal of reducing citizens’ reliance on cash, while expanding access to global commerce for a significant portion of Cambodia’s population, including about 87% of adults who lack a formal bank account, said Arn Vogels, Mastercard’s country manager for Indochina, in the release.
“Those who previously might have only carried cash now have more inclination to adopt digital payments,” Vogels said in the release.
“This is a significant step for Wing, our vision is to provide Cambodians with convenience access to financial services for the improvement of their daily lives,” added Jojo Malolos, Wing’s CEO, in the release.
Phnom Penh-based Wing Limited Specialized Bank launched in 2008 and added a mobile app for domestic money transfers in 2016.