THE MOST INVIGORATING SYSTEM TO BOOST LIFESTYLE IN MYANMAR

Have you ever noticed that more than two billion people are using mobile payments globally with millions more coming online to use each year? By 2021, 76% of adults around the world now have an account at a bank account, their financial institution, or with a mobile money provider which is up from 68% in 2017 and 51% in 2011. [Global Findex 2021 database]

Mobile payments have also rapidly proliferated in Southeast Asia, especially in India which is leading with 48 billion and also accounted for the largest number of worldwide real-time transactions in 2021. It is almost three times that of nearest challenger China (18 billion), and 6.5 times greater than the US, Canada, UK, France, and Germany combined. According to a survey by Visa, around 64 percent of consumers in Southeast Asia are confident about going cashless for a full day. However, it was said that the younger generation skipped the process of owning a debit or credit card and they preferred using mobile apps in Southeast Asia.

Due to advancements in technology during the last five years in Myanmar, people now have new sets of options for how to conduct their finance digitally. Contrary to the early 2000s when even a SIM card costs a fortune, the construction of Internet infrastructure and fintech has been hailed as a success in Myanmar. Most Myanmar people started to manage their finances via mobile rather than going to banks now.

Even though cashless payment systems in Myanmar are still rather low compared to other Southeast Asian member countries, Visa found that up to 60% of consumers use cashless payments to settle payments in hypermarkets and supermarkets in 2018. According to a survey conducted by Statista between December 2018 and February 2019, approximately 83.2% of individuals reported transferring money through a service provider in Myanmar. So far, that increased amount is such a large improvement for Myanmar’s ePayment culture.

Several kinds of ePayments including credit and?debit cards, mobile wallets, mobile banking Bank-led applications, Telecom-led applications, independent payment applications and many more are emerging in Myanmar every day. Well-known ePayments including AYA Pay, uabpay, CBPay, KBZPay, Citizens Pay, MSP, OK$, and many others are trying to disrupt Myanmar's liquidity-rich economy in a digitally traded financial sector.

Due to the outbreak of COVID-19, ePayments quickly proved to be?effective in encouraging?social distancing, limiting community transmission, and also enhances the use of ePayments for Myanmar People. The key motivators to use ePayment is that it is safer to go outside without carrying large amounts of cash and also limiting contact with others. By scanning QR codes easily at supermarkets, people are paying comfortably now which also enhances a smarter lifestyle without cash.

Long stand queues while counting cash in supermarkets will be almost out of the sight in Myanmar if more people are using ePayments. With ePayments, people don't need to perform difficult calculations on hand, make list for each month spent, and count their money every time after spending. The lifestyle of Myanmar people who are using ePayments had obviously been boosted.?

To boost the lifestyle of Burmese people, particularly retailers, NearMe provides a comprehensive digital retail services platform that allows retailers and agents to enable their customers to purchase digital goods and make payments for loans, public utilities as well as 150+ other goods and services.

The ePayment system of NearMe empowers retail businesses to be more feasible and viable in many ways. As NearMe enables every retailer to accept ePayments including AYA Pay, uabpay, CBPay, KBZPay, Citizens Pay, MSP, OK$, and MPU & JCB Card in just one digital platform, retailers can not only check their transactions in just one application, but also reduce costs including employee costs, cash monitoring costs, and guarding cash costs. NearMe makes all the retailers just sit and comfortably sell at the shop without worrying about cash flow in a secure way.

Just get in touch now with NearMe as partners to invigorate the lifestyle of retailers in Myanmar.