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January 30, 2014updated 04 Apr 2017 4:09pm

Myanmar Mobile Money launches mobile money transfer services

Myanmar Mobile Money, along with its consulting partner Mobilemate Telecommunication, has launched mobile money services nationally in Myanmar.

By Verdict Staff

Myanmar Mobile Money, along with its consulting partner Mobilemate Telecommunication, has launched mobile money services nationally in Myanmar.

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Based on Oberthur Technologies’ MoreMagic m:Wallet, the new mobile money service offers person-to-person transfer, agent-assisted cash-in/-out, air time top-up, salary disbursements, and merchant payments.

Launched at the end of 2013 in major cities, the service will be progressively extended to all localities in Myanmar. By the end of 2014, there will be over 6,000 agents, with expected double-digit growth over the next five years.

According to Oberthur Technologies, the Myanmar Mobile Money Service was launched with the permission of the Central Bank of Myanmar. The service will support the government’s initiative to provide financial services to the masses leveraging on the new telecommunication infrastructure.

Myanmar Mobile Money CEO, Kyaw Htoo Linn, said: "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.

"The highly modular, flexible and scalable system provided by OT and the rich set of functionalities of their MoreMagic platform will allow us to later extend our service to offer microfinance and loyalty programmes."

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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