Payments across Social Networks in Myanmar, through first Social Payments Platform
It was recently announced that strategic investments were made to fund an up-an-coming Myanmar payments provider, MyPAY. MyPAY is a platform which will allow payment services to work through social and messaging channels.
Although this has been implemented elsewhere, this system is one-of-a-kind in a country with growing digital penetration. As we have recently reported, Myanmar election data on candidates and voters was made available on a digital database. This demonstrates the country's increasing mobile penetration.
MyPAY’s investors are aiming to build Myanmar’s first social payment service. Through its partnership with MySQUAR, MyPAY found an avenue to reach a far-reaching consumer market.
MySQUAR is the country’s leading social network and has over 1.5 million user accounts. Through this new found partnership, users will have the ability to use MyPAY’s services.
Myanmar has a population of 51 million as of 2014. Due to the growing youth population in Myanmar, this social payment solution has great potential. It is predicted that 15 million people will have internet access by the year 2016. Most of this access being provided by mobile devices.
Mobility is trending. Thus, solutions serving these young and connected citizens are expected to thrive.
“We see tremendous opportunity for both peer-to-peer and person-to-merchant payments in Myanmar… MyPAY is going to introduce a mobile money app, compliant with Myanmar law, to make payments easier for consumers and merchants in Myanmar… Together, we are empowering a connected market where ninety percent of people are unbanked and underserved by traditional financial institutions,” Mr. Nicolas Nguyen, Chief Executive Officer, MyPAY stated.
Demand is growing for this type of service, due to the country’s fast growing mobile, social penetration, and demographic trends. The need for these services is evident as citizens aren’t provided with great access to banks or financial establishments. Only 4.8 percent of Myanmar citizens have access to bank accounts.
The MyPAY platform will reach consumers in Myanmar who previously had no access to this type of payment system. This will provide new avenues of payment that compliment an increasingly mobile generation.