Myanmar Mobile Money Co has launched services in the nation, with a goal of extending its mobile wallet offering to eventually cover 80% of the population.
The mobile money service is now available in major cities, and being progressively extended to more areas. It is based on Oberthur Technologies' MoreMagic m:Wallet offering, and has been launched with the assistance of consulting partner Mobilemate Telecommunication.
The service offers person-to-person transfer, assisted cash-in/-out, air time top-up, salary disbursements and merchant payment capabilities. Both English and Myanmar language options are available.
Announcing the service, the companies involved said that currently less than 20% of the population of Myanmar is able to access banking services in a largely cash-based economy.
Myanmar Mobile Money Co CEO Dr Kyaw Htoo Linn said the company has integrated with existing state-backed mobile operators MPT and MECTel to provide the service.
The UAE's Ooredoo, one of two winners of Myanmar-wide mobile licenses during last year's tender, also plans to roll out mobile money services in the market.