In recent years, the economic and social networking, digitization, mobility and social media activities in southeast Asia have shown a rapid growth trend. Most countries in the region have witnessed double-digit growth in the fields of mobile Internet and social network, attracting more and more attention and investment. The total number and penetration indicators of active Internet users, social media, and mobile social media are above the global average.
According to huanqiu.com, a recent study released by Visa, a global payment technology company, shows that Burmese people are more willing to adopt new payment methods.
The study surveyed myanmar consumers’ perceptions and behaviors about emerging payments, based on face-to-face interviews with 504 respondents in Yangon, Mandalay and Bumson last September. The study found that Burmese were much more interested in financial products than they did last year, and that their views on banks’ security, trust and ease of payment had improved.
40% of respondents said they had a bank account, up from 34% last year. Seventy percent said they would open a bank account this year. Second, respondents generally showed a significant increase in interest in using prepaid CARDS and credit CARDS. Respondents pointed out that carrying a bank card is safer and more convenient than using cash, a shift from the development of the times and the easierness of life.
There is also growing optimism about Banks. Eighty-two percent of respondents said they thought Banks were safer, compared with 68 percent in the same period last year. Convenience was also recognized by 77 percent of respondents.
Myanmar still relies heavily on cash for daily transactions, with a quarter of respondents trying to live cashless, but almost all of those surveyed believe myanmar could become cashless within the next 15 years. Nearly half of the respondents said they wanted to pay through contactless payment, such as clicking on a phone or scanning a code on a sales terminal, instead of paying by inserting a card.
Although the myanmar people in most parts of travel habits bring cash to pay, use a credit card shopping street is very few, in accordance with the Burma should step towards a credit card, but as a result of national policies, myanmar will directly from cash era to era of mobile payment, think only with mobile phone, how easy it is!!!
Earlier, paypay.me reported that the group NETS for Electronic Transfers Singapore has teamed up with Burma’s national payment Network to develop QR code payment technology in Burma.
With the development of The Times, myanmar will also usher in the era of mobile payment.