Mastercard and Wing Bank Launch Cambodia’s First Numberless Debit CardApril 29, 2022
Mastercard and Wing Bank Launch Cambodia’s First Numberless Debit Card
The Wing Bank Debit Mastercard will offer cardholders greater payment flexibility while driving digital and financial inclusion in Cambodia
Mastercard and Wing Bank (Cambodia) Plc today launched the Wing Bank Debit Mastercard—the first numberless card to be launched in Cambodia. Backed by Mastercard’s industry-leading security technologies and a payments network that spans 210 countries, cardholders will be able to make seamless transactions online and offline while having peace of mind that their purchases are safe and secure.
The new card, which is connected to Wing Bank’s account, allows the bank’s customers to securely manage and monitor their transaction and balance history. Cardholders can also easily access their payment credentials through the Wing Bank App in order to make online purchases, rather than having to rely on the details embossed on a traditional physical card.
Wing Bank has been committed to financial inclusion for the unbanked and under-banked. Wing Bank has recently launched its commercial bank license granted by the National Bank of Cambodia to operate commercial banking services through its extensive digital financial ecosystem. Mastercard has been partnering with Wing since 2018 to give the bank’s customers greater payments flexibility.
The latest initiative is part of Mastercard and Wing Bank’s collective commitment to boost digital and financial inclusion in Cambodia. The initiative builds on previous launches in the partnership, including enhancing existing QR-based mobile payment services in Cambodia, launching the virtual prepaid card Wing Online Mastercard, and rolling out Wing SOHO Club Mastercard for cashless shopping and rewards.
“We are very pleased to be building on our partnership with Mastercard to introduce a new, innovative product that will substantially expand the ways in which our customers can make use of their funds,” said Han Peng Kwang, CEO of Wing Bank. “We are focused on providing easy-to-use payment solutions that offer the highest levels of flexibility, and with the Wing Bank Debit Mastercard, we’re able give our customers the same kinds of advanced payment technologies as traditional financial institutions.”
According to the Mastercard New Payments Index 2021, enthusiasm for a broader range of payment technologies has accelerated in the Asia Pacific region; 94% of people surveyed said they would consider using at least one emerging payment method last year, such as QR codes and digital or mobile wallets. New forms of digital payment are also bringing benefits to merchants, with 74% of the survey’s respondents stating that they would shop at small businesses with greater frequency if offered more diverse payment options.
“Across the world, consumers have made a lasting shift towards digital-first habits. As the world adjusts to the new normal, it will be necessary to develop offerings that meet the changing needs of consumers while allowing them to participate in the global economy,” said Winnie Wong, Country Manager, Vietnam, Cambodia, and Laos, Mastercard. “The launch of the numberless card with Wing will provide cardholders with a flexible payment option that fits into their new lifestyle and also allows them to enjoy the same robust and multi-layered security protections that come with paying via existing Mastercard payment solutions, anywhere and at any time.”
Wing customers can apply for and receive a virtual debit card immediately, with details that can be used for online transactions. The physical card, which is completely numberless on its front and back, will be sent out to customers after they’ve signed up and can be used for in-person transactions anywhere Mastercard is accepted. The absence of unique details on the card helps to reduce the prospects of identity theft and fraud.