The Revolution of Myanmar FinTech: Mobile Payment Applications

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With digital technology moving forwards with a rapid pace, countries are trying to build cashless communities worldwide.

“Mobile payments are used by more than two billion people globally and their revenue reached 1.3 trillion USD in 2020. In South East Asia, it was said that the younger generation skipped the process of owning a debit or credit card and they preferred using mobile apps.” 

Myanmar’s mobile wallet market can be described as an emerging business with the growth from 1% in 2016 to 80 % in 2019 of adoption rate. Unlike early 2000s when even a sim card costs fortunes, construction of internet infrastructure and fintech has been hailed as a success in Myanmar in the last few years. Most people started to manage their finances via mobile rather than going to banks.
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