Mastercard has revealed plans to enhance existing QR-based mobile payment services in Cambodia in conjunction with Wing Limited Specialised Bank, using its Mastercard QR Payment solution.
The announcement builds on Mastercard’s existing partnership with Wing to launch a virtual payments card in the market in January this year.
In Cambodia, industry research found that consumer adoption of mobile services, including finance, utilities and transport, reached 74% in 2017, indicating significant consumer appetite for digital services.
With Mastercard QR, consumers in Cambodia will be able to simply scan a QR code and process the payment from their mobile phones.
“Wing is committed to sustaining the introduction of innovation and positive technological changes in the fast changing merchant footprint in Cambodia,” Wing CEO Jojo Malolos said.
“The launch of Mastercard’s EMVCo compliant QR payment facility in Cambodia reinforces that commitment. Wing makes this global QR payment available to all of the Cambodian population as well as international tourists alike.”
Overall, research conducted by Mastercard showed that cardholders in Southeast Asia felt that convenience and control were the most appealing aspects of Mastercard QR. Over 73% of respondents believed that the mobile payment solution would fulfill a need for a payment process, due to its ease of use and low cost of deployment.
First published in FinTech Innovation