How to Create a Mobile Wallet in Myanmar Managing money via smartphones is getting popular in the digital world. The world is moving towards a cashless society where no one requires physical currency to buy goods or to send money. Countries like Myanmar, where owning a sim card was an expensive affair costing $5,000 in 2000, have achieved a mobile subscription rate of 135% of their entire population. In response to the growing mobile adoption rate, the country’s digital payment adoption rate reached 80% in 2019. In contrast, it was only 1% in 2016. Visa surveyed 504 people in Myanmar across the Pathein, Yangon, Magway, and Mandalay regions in Sep 2018. The survey found that up to 60% of the customers pay via cashless payment options when purchasing items at supermarkets and hypermarkets.
Market overview for mobile wallets in Myanmar Myanmar presents an ideal business environment for digital wallets: ●
Traditional banking penetration is shallow in Myanmar. A mere 26% of grown-ups in Myanmar possess an account at a financial institution, which is very low in comparison to the median average of 49% for neighboring countries.
●
The currency circulation in Myanmar is 21% of M2, which is more than double of what is found in peer countries, where it is commonly around 10%.