Oberthur Technologies is offering its MoreMagic mobile wallet technology to the unbanked population of Myanmar through the country's Myanmar Mobile Money Co. Ltd.
Mobile Money, working with partner Mobilemate Telecommunication, will provide the first national mobile money service in Myanmar, Oberthur says in a Jan. 29 press release.
Having launched in major cities at the end of 2013, the Myanmar Mobile Money Service will expand throughout Myanmar to more than 6,000 agents/acceptance locations by the end of this year. The companies say they expect double-digit growth in users and agents over the next five years.
The goal is to eventually serve more than 80% of the population in providing basic financial services, Oberthur says. The Central Bank of Myanmar will operate as a partner bank in supporting the service.
"The ability to pay and transfer money with their mobile phone already transforms the everyday life of the less privileged," Pankaj Gulati, CEO of the Boston-based MoreMagic division of Oberthur, states in the release.
"They can conduct transactions anytime and anywhere and now have access to economic activities in which they formerly did not participate," Gulati adds.
The mobile wallet includes person-to-person transfer, agent-assisted cash-in and cash-out, air time top-up, salary disbursements and merchant payments. MoreMagic provides banking, payment and other financial services.