Compass Plus, an international provider of retail banking and electronic payments software for processors and financial institutions, has announced that ABA Bank, one of the leading banks in Cambodia, has launched E-Cash, a Cash by Code ATM withdrawal service for its mobile banking customers using TranzWare from Compass Plus.
The account-less banking service was introduced by the bank last year. It allows ABA customers to transfer money to people that do not have bank accounts by sending them a security code along with additional security parameters, which the recipient enters into any of the bank’s network of 140 ATMs across the country. The funds are then available immediately for withdrawal, 24/7/365, unlike similar services available which require recipients to visit a branch during business hours to withdraw funds.
Launched as part of the bank’s self-service strategy, the new service has been particularly beneficial for customers who work away and need to send money to more rural areas where banking services are low. Since the launch of the service, 2,000 E-Cash withdrawals were made, and more than US$370,000 has been sent by ABA customers in total.
“Being able to send money easily and conveniently to areas where the penetration of banking services is extremely low is crucial in Cambodia, as many people work away and need to send money regularly to relatives. Therefore, there was a strong need for creating an easy and secure channel to transfer money to unbanked people in rural areas. E-Cash is secure and convenient, and has proved to be a very popular service,” said Mr. Sanzhar Abdullayev, Chief Card’s and E-Services Officer at ABA Bank. “We are looking forward to continuing to grow our portfolio and offering our customers products and services that make their lives easier through our long-term partnership with Compass Plus.”