Digital security solutions vendor Oberthur Technologies has powered mobile money services of Myanmar Mobile Money in Myanmar.
Myanmar Mobile Money has also partnered with Mobilemate Telecommunication to launch the first mobile money service in Myanmar.
The national mobile money service is available in both English and Myanmar. The service is based on Oberthur Technologies’ MoreMagic m:Wallet. It includes person-to-person transfer, agent-assisted cash-in/-out, air time top-up, salary disbursements, and merchant payments.
Started in major cities at the end of 2013, the service will extend to all localities in Myanmar. By end of 2014, there will be over 6,000 agents, with expected double-digit growth over the next 5 years. The services will eventually serve more than 80 percent of the population, giving them access to basic financial services.
The Myanmar Mobile Money Service launched with the permission of the Central Bank of Myanmar will support the government’s initiative to bring better financial services to the masses leveraging on the new telecommunication infrastructure that was recently enhanced.
“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. Functionalities of MoreMagic platform will allow us to later extend our service to offer microfinance and loyalty programmes,” said Kyaw Htoo Linn, CEO at Myanmar Mobile Money.