In a country where most people don't have bank accounts, WING has managed to reach out to unbanked and underbanked customers to grow the mobile money transfer market. According to its CEO, domestic remittance products have escalated in growth since June 2011, growing at 25-30% per month. Given the continuation of these growth rates, WING Cambodia is set to process over $1 billion dollars this year, in what would be a landmark achievement for the company. Whereas the majority of mobile money companies around the world have struggled to turn a profit despite heavy investment, WING stands out as becoming profitable so soon after its founding.
WING Cambodia started as an idea by ANZ Bank to help low income Cambodians transfer money easily. Although only 4% of the country's population of 14 million numbers has a formal bank account, a large number of the population has mobile phones and has a need for saving and sending money. WING is currently owned by Wing Singapore Holdings Group.
Besides tapping a growing mobile money market, WING has been able to promote a stronger understanding of money and savings among its user base, giving customers an alternative to informal lending, which threatens the financial stability of many low-income earners.
CEO Perkins attributes WING's high growth and success to the quality and visibility of the network,with 900 Wing Cash Xpress locations and 7,000 top up dealers nationwide. In addition, WING's advertising efforts have taken off.
The next step for WING's growth is NFC payments and online payments. 1,000 of Cambodia's 7,000 POS terminals are already NFC capable and retail outlets are already testing NFC payments, according to Perkins. In addition, WING is also developing an online payment system similar to PayPal.
Watch this space for more information about Total Payments Asia, an event which will be focusing on Cambodia, Thailand, Vietnam, Laos and Myanmar's payments landscape. Do get in touch if you are interested in speaking or exhibiting or to find out more information about the program by e-mailing email@example.com.