Aimed mainly at the un-banked, the service enables users to make various transactions using an ANZ Royal (or other banks) transaction account (electronic wallet). Wing services include cash in, cash out, person-to-person (P2P) money transfers to Wing and non Wing customers, payroll disbursements and mobile top-ups, all in the local currency KHR directly. ANZ also plans to expand the service in other countries across South East Asia.
The service is based on the company’s commission based agents who do ‘know your customer’ (KYC) checks and acquisition. Wing runs on lower-end phones as well as on more expensive models and requires the installation of the Wing electronic wallet software. Customers deposit and withdraw cash through a merchant network or using ANZ Royal ATMs. Users can access their electronic wallet accounts from any mobile phone, including public phones. Via the electronic wallet, users can purchase mobile air time, make purchases or pay bills.
Customer information is not stored on the phone and the service uses the USSD telecommunication channel to conduct transactions. ANZ is working with Vision Fund, a micro-finance institution owned by World Vision, to use their extensive branch network to provide cash in and cash out services for Wing customers. ANZ’s branchless service is supported at launch by a concerted education and marketing program which aims to familiarise rural customers with the technology.
ANZ is currently working closely with the National Bank of Cambodia to support the development of a regulatory framework. At present, there are an estimated 7 to 8 million un-banked people in Cambodia.
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