Myanmar gets first national mobile money service
Friday, January 31, 2014
Myanmar Mobile Money has launched a range of services including P2P funds transfer via mobile phones as it seeks to exploit what is a prime market with an underdeveloped financial sector.
The newcomer is promising to have over 6,000 agents in place by the end of 2014 to serve the largely cash-based economy. It will eventually cover more than 80 per cent of the population, it said.
Less than 20 per cent of the population has access to banking services at present, said the company, which opens up the opportunity for a mobile-based service. However, with penetration at 11-12 per cent, neither is mobile penetration ubiquitous.