The global brand has announced plans to enhance QR code offerings in Cambodia via a partnership with Wing Limited Specialised Bank (Wing). Together, the two aim to offer greater convenience through secure digital alternatives.
Why Cambodia? According to the press release, industry research reports a 74% saturation rate for consumer adoption of mobile services in 2017. And this includes everything from finance and utilities to transport services – indicating an economy ripe for digital commerce, according to the same release.
Research conducted by the card brand also highlights convenience and control as the most appealing aspects of Mastercard QR for the Southeast Asia locals, with more than 73 percent claiming that it would “fulfil a need for a payment process due to its ease of use (the ability to pay for goods and services on-phone) and low cost of deployment.”
“As Cambodia steps further into the digital age, so does its appetite for electronic payments,” said Winnie Wong, country manager for Indochina Mastercard, in the same release. “Mastercard is excited to work with Wing to accelerate Cambodia’s transition towards a cashless society. The expansion of QR technologies in Cambodia marks Mastercard’s commitment to foster an inclusive, safe and seamless digital ecosystem as well as help local merchants and consumers transact faster, more securely and cost-effectively.”
And this isn’t the first time QR codes gain traction with financial inclusion initiatives. Earlier this year, The Central Bank of Egypt also utilized QR functionality as a way to increase inclusion efforts, while China-based payments network UnionPay also recently announced plans to enable an EMV-compliant QR solution across Malaysia.
Needless to say, QR codes are gaining traction and credibility as a popular cashless alternative in our ever-evolving digital landscape.
As for Mastercard, they are also working closely with banks and non-banking financial service providers across the Asia Pacific region to launch their QR solution in other countries beyond Cambodia that include Vietnam, Taiwan, Sri Lanka and Singapore.