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As remittance market reaches saturation, mobile money keeps growing

If the mobile money market were a football match, then the second half has just begun. As the undisputed market leader, Wave Money is already a few goals ahead. It reports having almost 50,000 agents and more than 11 million customers, who remitted US$2.8 billion between January and September of this year. By the end […]

Ycdc partners with local mobile-payment systems

The Yangon City Development Committee (YCDC) teamed up with AYA Pay, KBZ Pay and CB Pay to build a YCB payment system enabling people to pay various bills through their applications. The application will enable users to pay various bills such as land tax, property tax, general tax, and garbage bills which will save customers […]

KBZ Bank launches digital wallet KBZPay

KBZ Bank, Myanmar’s largest privately-owned bank, has launched a digital wallet called KBZPay. The mobile phone app will allow users to make cashless transactions, store, send or receive money, and withdraw cash through authorised agents. The digital wallet is now available for download across the country. The bank is conducting on-ground activations in Yangon and […]

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 […]