Cambodia’s ABA Bank has unveiled the new cash by code ATM withdrawal service for its mobile banking customers by leveraging TranzWare from Compass Plus.
The new service will especially benefit clients who work away and need to transfer funds to more rural areas with poor banking services, the technology vendor said.
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Users of the new E-Cash service can make fund transfers by sending a security code that can be entered by the recipient into any of the bank’s ATMs within the country for money withdrawal.
The funds are immediately available for withdrawal, as opposed to similar services that require recipients to visit bank branches to withdraw funds.
ABA Bank chief card’s and e-services officer Sanzhar Abdullayev said: “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.”
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By GlobalDataABA Bank offers financial services to individuals, SMEs, and corporate entities through its network of 39 branches throughout the country. As at 31 July 2016, the bank managed $1.005bn in assets.
