Cambodia Investment Review
Now you don’t need to have a bank account to use an international virtual prepaid Mastercard card-and it’s all thanks to a tie-up between one of Cambodia’s largest fintech companies and a global technology company in the payments industry.
TrueMoney is launching a co-branded virtual prepaid Mastercard card, as part of the company’s efforts to target the Kingdom of Cambodia’s millennials and also support financial inclusion efforts in Cambodia.
The virtual prepaid Mastercard card will be available to the ‘unbanked’ members of Cambodian society and is expected to further promote cashless transactions throughout the Kingdom.
The new virtual prepaid TrueMoney Mastercard card named as “TrueMoney Mastercard” will enable TrueMoney Wallet users to easily and conveniently create a virtual prepaid Mastercard card and instantly pay for goods and services – both locally and internationally.
The TrueMoney Mastercard card is supported by Sathapana bank through a Banking Identification Number (BIN) and Paymentology as a global technical partner.
One of the key benefits of the new TrueMoney Mastercard card is that users do not need to have a bank account to apply. Users will also not be charged fees for making transactions. To apply for a TrueMoney Mastercard card, applicants just need a phone number and a valid Khmer ID card or Passport.
Advancement of a truly digitally-oriented, cashless society
In addition, TrueMoney has also teamed up with one of the country’s leading life and health insurance and asset management companies, Prudential Cambodia, to promote the launch of the new virtual prepaid TrueMoney Mastercard card.
The collaboration between the four companies will mean that customers who successfully create their virtual prepaid TrueMoney Mastercard card will be entitled to a full year of motorbike accident protection, free of charge, under Prudential’s product named “PruMySafety”.
TrueMoney (Cambodia) Chief Strategy Officer Ms. Khoun Frandara said, “This is a real first for those who may want a virtual prepaid Mastercard but may not have a bank account. This is also TrueMoney’s contribution to the advancement of a truly digitally-oriented, cashless society. This card is aimed at millennials who may want to shop for goods and services online and even overseas but cannot because they may not have bank accounts.
“With the support from the global financial giant Mastercard, Sathapana bank, Paymentology and Prudential Cambodia we are able to cater to a key segment of the market – that, as yet, in un- and underbanked,” she added.
Winnie Wong, Country Manager, Vietnam, Cambodia, and Laos, Mastercard said, “Mastercard has always been committed to create a world beyond cash. To achieve this goal, Mastercard has been working with key partners to deliver payments solutions that are accessible to everyone, everywhere.”
“Mastercard is excited to partner with TrueMoney on this initiative that not only meets the new digital demands of Cambodia but also provides a safe, seamless, and convenient way for people without bank accounts to participate in the formal economy,” she added.
Greater everyday banking convenience
Sathapana Bank Deputy CEO, Mr. Jean Pierre Gagnon said: “This partnership represents another milestone for us at Sathapana Bank in delivering greater everyday banking convenience for customers who need to perform online and digital transactions safely and securely. It is also a meaningful one as it points the way to full financial inclusion for Cambodians.”
Paymentology CEO, Mr Rowan Brewer said: “As the card processor powering the TrueMoney virtual prepaid Mastercard, we’re excited to support TrueMoney’s vision of bringing financial services to the un- and underbanked in Cambodia.”
TrueMoney’s customers who have successfully activated their TrueMoney Mastercard card will be able to receive a cashback of up to $6 when they purchase goods or services. TrueMoney Mastercard card customers will also benefit from free annual card fees and will also enjoy the same privileges as those using a physical Mastercard.
TrueMoney customers who have a TrueMoney Mastercard card can already shop and pay online with service providers such as Food Panda, Nham24, L192, Grab, Agoda, Netflix, Lazada, TikTok, Booking.com, Apple store, Google store, Airbnb, Airasia, Mobile Legend, Coda Shop, Spotify, Farfix, WowNow, aliExpress, Amazon and Apple Music.
By launching the TrueMoney Mastercard, TrueMoney is hoping to promote cashless payments and financial literacy throughout the Kingdom – an objective TrueMoney shares with numerous local partners.
TrueMoney Wallet has also launched a new logo in order to align with the regional guidelines, as well as making it more visually appealing for customers to quickly and easily understand what TrueMoney Wallet is all about, matching it with the lifestyle of consumers who use the wallet.