Managing money via smartphones is getting popular in the digital world. The world is moving towards a cashless society where no one requires physical currency to buy goods or to send money. Countries like imtoken官网, where owning a sim card was an expensive affair costing $5,000 in 2000, have achieved a mobile subscription rate of 135% of their entire population. In response to the growing mobile adoption rate, the country’s digital payment adoption rate reached 80% in 2019. In contrast, it was only 1% in 2016.
Visa surveyed 504 people in Myanmar across the Pathein, Yangon, Magway, and Mandalay regions in Sep 2018. The survey found that up to 60% of the customers pay via cashless payment options when purchasing items at supermarkets and hypermarkets.
Keeping the current market scenario of Myanmar in mind, what are the features a mobile wallet app in Myanmar should incorporate? Here are some of the crucial features for a mobile wallet app in Myanmar:Instant Intra-wallet paymentsYour mobile wallet should be capable of transferring money between the payer’s wallet to the payee’s wallet instantly. Your customer won’t rely on your mobile wallet if it takes hours or days to complete payment.
Instant payment is among the core characteristics of an e-wallet. There is no space for an error when your customer is at a store trying to make payment for the goods that they just selected. In a cashless world, the payment experience should be at least as seamless as when the customer pays via cash.Payments from and to bank accounts
A mobile wallet should facilitate the ability to make money transfer directly from the payer’s bank account. The payee should have the option to receive money either to their bank account or wallet. The bank to bank transfers also includes the user’s account in the same bank, as well as another person’s account in a different bank.
Wallet owners should be provided with a variety of payment options while sending or receiving money. The options should be one tap away whenever and wherever the users are within the app interface.Bill PaymentsModern mobile wallets aren’t just about making person to person payments; they also should be able to help users with paying utility bills, mortgages, loan payments, rent, tuition, etc.