Can Myanmar become a cashless society?

Cash is king, or so the saying goes, and this is especially true in Myanmar. Traditional financial institutions don’t have a strong hold on the market – an estimated 74% of Myanmar’s citizens don’t have a bank account – and fintech apps such as e-wallets are a relatively novel concept. Long known to be Asia’s […]

A Cashless Future For Myanmar

ASEAN citizens are not unfamiliar with digital payments. In a survey by Visa, around 64 percent of consumers in Southeast Asia are confident of going cashless for a full day, highlighting the region’s strong drive towards digital payments. Moreover, the 2019 World Payments Report shows that the value of non-cash transactions in Asia is projected […]

CBM to approve QR code payment transactions soon

Digital payments using QR codes will be introduced to Myanmar as soon as the framework for such payments are ready. Shanghai-based financial services company UnionPay International’s (UPI) QR code system accessible through mobile phones would be made available when the Central Bank of Myanmar (CBM) makes the official announcement. UPI operates as a subsidiary of […]

Myanmar mobile wallet eyes 30m clients in 10 years

Driven by a population increasingly drawn to technology devices, Myanmar’s fastest- growing mobile wallet KBZPay has set an ambitious target of reaching 30 million customers in the next 10 years, according to Soe Ko Ko, general manager of KBZPay Agent Banking. The executive said in an interview with The Nation that more than 1.6 million […]

At least five more years needed for Myanmar to go cashless

Myanmar’s cash dependent economy has become a burden on the government’s coffers in recent years and a widespread adoption of an electronic payment system in the country is needed. Yet, experts say it could take a minimum of five more years for society to go cashless. “It costs the government money to print cash and […]