Electronic Payments, Payment technology

Myanmar Mobile Money launches Mobile Money Services to expand financial inclusion

Mobile WalletOberthur Technologies announced on Wednesday that Myanmar Mobile Money Co. and Mobilemate Telecommunication launched Mobile Money Services in Myanmar as part of an effort to expand financial services to the unbanked.

Mobile Money is the first national mobile money service in the country, offered in both English and Myanmar. It is based on OT’s MoreMagic m:Wallet and includes person-to-person money transfer features, cash-in/-out, air time to-up, salary disbursements and merchant payments.

The service was launched in major cities at the end of 2013, but it will be expanded to all localities in Myanmar. Mobile Money services are expected to someday serve more than 80 percent of the population.

“Relying on OT’s solution, we have the ambition to lead the Mobile Financial Services revolution in Myanmar,” Myanmar Mobile Money CEO Kyaw Htoo Linn said. “To achieve this we are integrated with all the present mobile operators of the country, MECTEL and MPT, and our network of mobile money agents is also strengthened with the Innwa Bank national branch network. The highly modular, flexible and scalable system provided by OT and the rich set of functionalities of their MoreMagic platform will allow us to later extend our service to offer microfinance and loyalty programmes.”

While Myanmar has seen strong economic growth over the past few years, less than 20 percent of the country’s population has access to banking services.

“We are really proud to enable our customer to close the gap that the majority of the population faces thanks to our end-to-end Mobile Money solution,” MoreMagic CEO Pankaj Gulati said. “The ability to pay and transfer money with their mobile phone already transforms the everyday life of the less privileged, as they can conduct transactions anytime and anywhere and now have access to economic activities in which they formerly did not participate.”

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