US-based DMI (which claims to be the world's first end-to-end mobility company) has announced a collaboration with Cambodian service provider Wing to enable Wing's customers to transfer, deposit and withdraw money via their mobile phones. Wing customers download the Wing app, iOS and Android, to enable this functionality.
DMI say: 'Mobile payments are having a transformative impact in certain parts of the world. The worldwide mobile payment revenue in 2015 was $450 billion and is expected to surpass $1 trillion in 2019. In the developed world it is designed to make consumers' shopping easier and allows cost savings for merchants, while mobile payment innovation in some Asian and African countries has largely been driven by services. These regions have taken the leap directly to mobile services in absence of the widespread availability of bank accounts, creating a positive impact on the local economies.'
It adds: 'In Cambodia where the population is 15.5 million people, only 1.5 million are in possession of bank cards.'
And Wing customers there have been enjoying mobile payments for years. According to the Wing web site, 'Wing (Cambodia) Limited Specialised Bank is Cambodia's leading mobile banking services provider with the commitment of providing financial inclusion via mobile banking services to the unbanked and under-banked.
'Launched in 2009, Wing has provided ways for Cambodians to send and receive money anytime, anywhere with the use of a mobile phone. Wing's innovative products and services have also allowed every Cambodian access to financial service such as local money transfer, phone top up, bill payment, Wing Ket Luy and online payment. As such, Wing remains the leading mobile money and electronic payment service provider in Cambodia with 100 percent district coverage via our Wing Cash Xpresses nationwide.'
Wing was founded by ANZ Banking Group in 2009 and sold to Inter Logistics, parent company of the Mobile Refresh payments business, in 2011. DMI's announcement of its collaboration with Wing gave no indication as to whether its technology will replace or supplement that supporting Wing's current mobile payments system.