28 May 2017
Visit www.capgemini.com/worldreports

Myanmar gets first national mobile money service

29 January 2014  |  5535 views  |  0 mobile

Myanmar's first national mobile money service has launched, enabling the South East Asian country's citizens to make payments through their handsets.

Having made significant democratic strides over the last two years and seen economic sanctions eased, Myanmar is taking tentative steps to modernise its cash-based economy.

With only 20% of the population currently having access to financial services, MasterCard and Visa have both been working with banks to build up the country's ATM and point-of-sale networks.

Now, Myanmar Mobile Money has also launched. Based on Oberthur Technologies' MoreMagic m:Wallet, the service includes person-to-person transfers, agent-assisted cash-in/-out, air time top-up, salary disbursements, and merchant payments.

Already available in major cities, by the end of 2014 the firm plans to have over 6000 agents and expects double-digit growth over the next five years. The service aims to eventually serve more than 80% of the population.

Kyaw Htoo Linn, CEO, Myanmar Mobile Money, says: "Relying on OT's solution, we have the ambition to lead the Mobile Financial Services revolution in Myanmar. To achieve this we are integrated with all the present mobile operators of the country, Mectel and MPT, and our network of mobile money agents is also strengthened with the Innwa Bank national branch network."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Banco Santander and Movistar enlist Oberthur for Chilean mobile NFC project

Banco Santander and Movistar enlist Oberthur for Chilean mobile NFC project

02 September 2013  |  6463 views  |  0 comments | 5 tweets
Vodafone bids to bring M-Pesa to Myanmar

Vodafone bids to bring M-Pesa to Myanmar

12 April 2013  |  6012 views  |  0 comments | 6 tweets | 1 linkedin
MasterCard enters Myanmar with bank licensing deal

MasterCard enters Myanmar with bank licensing deal

06 September 2012  |  4911 views  |  0 comments
Visa looks to Myanmar

Visa looks to Myanmar

17 August 2012  |  4628 views  |  0 comments
Oberthur to buy mobile money firm MoreMagic

Oberthur to buy mobile money firm MoreMagic

28 February 2012  |  5337 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.capgemini.com/worldreportsvisit www.response.ncr.comvisit dh.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
13313 views comments | 50 tweets | 79 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
7797 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7041 views comments | 16 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
6882 views comments | 12 tweets | 20 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job