The majority of people in Myanmar wish to have access to banking services and cashless payment methods, such as credit and ATM cards, mobile payments, contactless payments and payment via QR codes, according to Visa’s Financial Education for Sustainable Growth Study.
The report, conducted recently in Myanmar by payments technology firm Visa, is part of an effort by the company to understand the perceptions, attitudes and behaviours of Myanmar people on money, banking and payments.
Arturo Planell, Visa Myanmar’s country manager, said despite the fact that cash remains the most commonly used form of payment in Myanmar, there’s a strong appetite for electronic payments which would provide significant benefits to consumers, merchants and the economy.
“There is so much for Myanmar to gain by moving away from cash to digital payments. At a micro level, consumers will enjoy fast, secure and reliable electronic payments with immediate access to the funds held at the bank or to a line of credit. For merchants, electronic payments will provide an enhanced purchasing experience, reduced cash and check handling costs, and access to a global pool of customers with guaranteed payment.”
The survey reveals that 64 percent of people in five urban areas of the country are interested to open a bank account and use modern payment methods. Notwithstanding 10 percent who already have bank accounts and are already using modern payment methods.
When it comes to payment cards, only two percent of those surveyed currently own credit, debit and bank prepaid cards. However, an additional 11 percent intend to apply for payment cards in the future, representing a multi-fold growth over the current penetration.
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