Mobile money flourishing in Myanmar
For a population used to carrying wads of cash stuffed in pockets, purses and wallets, mobile money has the potential in Myanmar to dislodge paper as the main means to make payments and remittances.
Mobile money is a fintech service that enables money to be deposited and withdrawn using apps downloaded to mobile phones. Cash equivalents can be sent from a user’s account to another person or business, and operators receive fees depending on the amount transferred.
Young migrant workers throughout the country use mobile money to make remittances to families back home. In Myanmar, only 20% of the population has a bank account. Thus, unbanked people often just carry stacks of cash when returning home.