WavePay app reaches more than 1 million active users

Wave Money’s mobile payment app WavePay has crossed more than 1.1 million monthly active users with remittance value reaching nearly US$6 billion within nine months.

Wave Money’s remittance value reached $5.9 billion in the first nine months of the year, representing average growth of 162 percent since January.

This includes more than $13 million transferred to rural users on behalf of the government, largely from its COVID-19 fund. Since March, hundreds of thousands of vulnerable people including garment workers, civil servants, and farmers, have been digitally receiving emergency funds using WavePay.

Brad Jones, CEO of Wave Money, said the numbers are a positive indicator of the rapid adoption of mobile money and digital modes of payment in Myanmar.

“Mobile money usage will continue to rapidly rise even post-pandemic as the people are enjoying the many benefits – convenient, secure and safe cash remittances, quick and easy payment, and access to a wide range of financial services particularly among the unbanked,” said Mr Jones.

In addition, Wave Money has paid $46 million in commissions to agents from January to September.

In its 2019 State of the Industry Report, GSMA noted that customers used their mobile money accounts more often and as part of their daily activities. At the end of last year, 35.8 percent of some 372 million accounts were active on a 90-day basis.

An active mobile money account is defined as one which has been used to conduct at least one transaction during a period of either 30 days or 90 days.

The gap between activity on a 30-day and 90-day basis is narrowing, the report said, with 70 percent of 90-day active accounts now active on a monthly basis.

GSMA predicts that by 2025, the number of monthly mobile money customer accounts would surpass 370 million, the level where 90-day accounts were at last year.

Source : Myanmar Times

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