As part of the company’s efforts to target Cambodia’s millennials and support financial inclusion efforts in the country, TrueMoney is launching a co-branded virtual prepaid TrueMoney Mastercard. The virtual prepaid Mastercard card will be available to the ‘unbanked’ members in the Kingdom and is expected to further promote cashless transactions across the country.
The new prepaid TrueMoney Mastercard card known 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 highlights of the new TrueMoney Mastercard card is that users need not necessarily have a bank account to apply. Users will not be charged fees for making transactions. To apply for a TrueMoney Mastercard card, all that the applicants need is a phone number and a valid Khmer ID card or Passport.
Besides, 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 “PruMySafety”.
TrueMoney (Cambodia) Chief Strategy Officer Ms Khuon 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.”
She went on to add that 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”.
Speaking on this new partnership, Winnie Wong, Country Manager, Vietnam, Cambodia, and Laos, Mastercard said, “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.”
Sathapana Bank Deputy CEO, 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.”
On his part Paymentology CEO, 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.
With the launching of the TrueMoney Mastercard, TrueMoney hopes 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 easily understand what TrueMoney Wallet is all about, matching it with the lifestyle of consumers who use the wallet.
TrueMoney is a leading international Fintech brand and part of Ascend Money, a digital financial services venture of The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba), two of the largest companies in Asia. The TrueMoney group has significant operations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.