With the launch of various electronic banking channels, the use of paper-based banking instruments have declined by at least 28 percent, both in the number and value of transactions.
Records with the Royal Monetary Authority (RMA) show a steady growth in the volume of overall payment instruments in the third quarter of 2019 on all modes of instruments, including paper-based, mobile and internet, electronic, card, and wallet.
The volume of paper-based transactions dropped from 328,270 in the second quarter to 237,030 transactions in the third quarter. In terms of monetary value, paper-based instrument declined to Nu 62.4B from Nu 87.7B during the same period.
The volume of overall payment system transactions in the third quarter, ending 30 September 2019, saw an increase of 37 percent compared with the previous quarter. The second quarter saw almost 9M transactions as compared to more than 12M transactions in the third quarter.
Mobile and internet recorded the highest number of transactions, 7.7M in the third quarter and its share to the total payment system is 63 percent during the quarter. However, in terms of value, its share is only 21 percent when compared to paper based, 63 percent. This is because most of the transactions that are huge in amount, especially those initiated by government and corporate bodies are paid in cheque.
To read the rest of the article, please use this link: https://elevenmyanmar.com/news/digital-payment-system-picks-up