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Onepay introduces mobile interbank service app in Myanmar

Onepay this week launched a new mobile interbank platform from which users can transfer money among seven local banks -Asia Green Development Bank (AGD), Ayeyarwady Bank (AYA), CB Bank, KBZ Bank, Myanma Apex Bank (MAB), uab Bank and Yoma Bank – without physically going to any of the bank branches.
The service was launched in the midst of COVID-19 with the goal of reducing social contact and mass gatherings as well as to increase convenience.

U Aung Zeya Myo, deputy managing director of Onepay, said the intention is for users to gain a simple, secure and convenient way of transferring cash. “Working with our official banking partner AGD to support interbank services in our app is one of the attempts to reach that goal,” he said.

He added that the interbank service does not have any hidden costs or extra charges. Any costs associated with remittance will be set by each respective bank.

“The app is designed to notify the users of the transfer rate and cost before they confirm the transaction. Settlement will take up to two working days after the transaction has been made,” he said.

“As the official banking partner, AGD will manage the interbank transactions of Onepay users.” U Pyi Soe Htin, Chief Business Officer of AGD Bank said.

Users are able to transfer money between banks by adding funds to their Onepay wallets. This can be done through an AGD bank account, or with any e-commerce enabled MPU, Visa or Mastercard.

Funds can also be added by using cash-in services through Onepay appointed agents throughout the country.

The app is being launched at a time when the government has also committed to supporting e-commerce in its COVID-19 economic stimulus plan, announced on April 27.

One of the goals under the plan is to promote the use of mobile platforms such as mobile payment services like KBZ Pay, CB Pay, Wave Money, M Pitesan and OK Dollar.

Before year-end, the authorities said it will launch a central e-commerce website where retail businesses can sell their products online. It will also ensure e-commerce platforms only accept funds through bank transfers, mobile payments or card payments.

U Zaw Lin Htut, CEO of Myanmar Payments Union (MPU), also said that with banking hours now shortened, the use of mobile payments and cash transfers will make transactions more convenient for the people.

“It is a good time to cultivate the habit of using digital payments now,” he said.

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Source : Myanmar Times

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