Myanmar operator MPT switched-on its mobile money service, a platform the company’s CEO hailed as an innovation which would improve access to financial services and aid efforts towards a cashless society.
The state-owned provider first announced it was developing the product in March 2018 and was cleared for launch by the country’s central bank in October 2019 [1].
MPT Money goes to market with 25,000 agents across Myanmar, with plans to double this number in the “coming months”. The platform supports remittances, bill payment, top-ups and retail mobile payments in selected locations.
In a statement, MPT Money managing director U Khin Maung Myint said: “Mobile money solutions represent a significant innovation to improve the provision of financial services and develop a cashless society.”
“Our goal is to make digital money transfer services more accessible to everyone and everywhere, with a specific focus on secure and reliable mobile transactions. By connecting our customers to mobile wallets, we aim to drive better financial inclusion that will improve the economic and social well-being of millions of Myanmar citizens.”
There are several mobile money services already operating in the country provided by a range of companies. Rival mobile network operator Ooredoo launched its M-Pitesan service in 2017, while Telenor has a JV with Yoma Bank to provide services under the Wave Money brand.
[1] https://www.mobileworldlive.commobileworldlive.com/money/news-money/mpt-receives-licence-to-launch-payment-service/
