WIING, which is the first-ever mobile phone banking service, is operating its service in Cambodia by financial services provider Australia and New Zealand (ANZ) Banking Group, which is a start-up offering mobile phone payments services in Cambodia, aimed mainly at the unbanked, the service enables customer to make various transactions.
New text message based-cell phone payment services, WING, which is ANZ’s new branchless banking service, will enable rural Cambodians to make low-cost person-to-person payments and transfers directly from their cell phone, and cutting down the risks associated with handling huge amounts of cash.
Ahead of transferring money, phone users must open virtual bank accounts on their cell phones without going to banks. In order to deposit money into their accounts, subscribers just visit any of WING’s 70 agents – typically phone retail shops – of which 60 are located in Phnom Penh and other provinces in Cambodia.
While getting WING shops, a customer just dials the WING service number and types codes or commands into their cell phone depending on whether the desire is to deposit or withdraw funds. And then, retailers either dole out or collect the currency, and in turn make a profit from transaction fees.
WING will help improve people's livelihoods and reduce poverty by increasing their access to banking services amd mobile banking – also known as M-Banking or SMS Banking – has already taken root across the developing world, and Citibank introduced a similar system in the United States in mid-2007.
Money transfer to non-WING customers incur a $1 fee, while transfer to WING clients take place at most a fee of 1 percent of the transaction value. By the way, there is no minimum transaction, but the maximum is $1,000 in any one day.
Meanwhile, payments services via mobile phone have proven successful across developing countries, such in Philippines in 2005, South Africa, Kenya and Latin America.
The ability of mobile banking to provide financial services to those without access to banking account.
WING provides our population, no matter where they work in Cambodia, the ability to stay financially linked to their families faster and cheaper than ever before.