The Rise of Mobile Wallets in Myanmar: A Comprehensive Guide

The Mobile Wallet Landscape in Myanmar
Myanmar is on the cusp of a payment industry transformation. With only 26% of adults having a bank account, compared to the regional average of 49%, the potential for mobile wallets is immense. The country’s currency circulation, at 21% of M2, is notably higher than its peers, indicating a significant opportunity for digital payment solutions. The mobile subscription rate, at an impressive 135% of the population, further underscores the market’s readiness for mobile financial services.

Market Dynamics and Key Players
The Central Bank of Myanmar has granted licenses to a handful of non-banking institutions for mobile financial services, a modest number compared to Vietnam’s 33 licenses. Key players include Wave Money, OK$, M-Pitesan, My Money, and MPT Money. Additionally, commercial banks like CB Bank with CB Pay, MOB Bank in partnership with Ongo, and KBZ Bank with KBZ Pay are expanding their mobile financial offerings. Tellimer Research provides insights into Myanmar’s digital payments market.

Essential Features for a Mobile Wallet in Myanmar
To meet the demands of Myanmar’s growing digital economy, a mobile wallet must include the following features:

Instant Intra-wallet Payments
Users expect immediate transfers between wallets. Delays are unacceptable in a cashless society where the payment experience should rival that of cash transactions.

Payments from and to Bank Accounts
A mobile wallet should enable transfers directly from a user’s bank account and offer the option to receive funds in either their bank account or wallet.

Bill Payments
Mobile wallets must facilitate payments for utilities, mortgages, loans, rent, and tuition, providing a convenient alternative to traditional payment methods.

Physical and Virtual Card Management
Users should be able to store and manage multiple debit/credit card details securely within the wallet, leveraging encryption for enhanced security.

Integration with Contactless Payment Technologies
Adoption of QR codes and NFC technology is essential for enabling secure, contactless in-store payments.

Security
Robust security measures, including two-factor authentication, tokenization, biometric authentication, and end-to-end encryption, are critical for protecting financial transactions.

Easy and Fast Onboarding
A seamless self-registration process is vital to prevent user abandonment during onboarding.

Coupons, Rewards, and Discounts
Offering deals and loyalty rewards can differentiate a mobile wallet in a competitive market.

Bill Splitting
This feature simplifies splitting bills among friends, enhancing user convenience and potentially attracting new customers.

Cash Withdrawals
Despite the trend towards cashlessness, providing options for ATM withdrawals remains important for situations where cash is still king.

Loan Offering and Management
Mobile-friendly loan services can create additional revenue streams, as seen with Paytm’s “Paytm Postpaid” service in India.

Analytical Diagrams and Dashboard
Financial health tracking tools can build user trust and encourage loyalty by offering insights into spending habits.

User Data Backup Facility
Options for secure data backup, such as syncing to iCloud or Dropbox, ensure users never lose track of their finances.

The Untapped Potential of Mobile Wallets in Myanmar
While the mobile wallet market in Myanmar is growing, there are still untapped opportunities. For instance, the use of mobile wallets for remittances remains relatively low despite the high number of Myanmar citizens working abroad. According to the World Bank, remittances to Myanmar amounted to approximately $2.8 billion in 2020, indicating a potential area for mobile wallet expansion (World Bank Data).

Moreover, the integration of mobile wallets with e-commerce platforms is still in its infancy. As online shopping gains popularity in Myanmar, mobile wallets that offer seamless payment solutions for e-commerce transactions could see significant growth.

In conclusion, the mobile wallet market in Myanmar is poised for significant growth, driven by the population’s embrace of mobile technology and the need for convenient financial services. By focusing on user experience, security, and innovative features, mobile wallet providers can tap into this promising market and contribute to Myanmar’s digital financial revolution.

Cybersecurity Statistics, Predictions, and Solutions for 2021

Covid-19 pandemic definitely left a huge impact on the overall cybersecurity situation.

First, the global lockdown forced many companies to shift to remote work. Cybercriminals took advantage of vulnerable home networks. Many organizations encountered data breaches at the beginning of the work-from-home shift. For instance:

80% of companies reported an increase in cyberattacks in 2020.
Most of the malware was received from email (94% of cases)
At the beginning of April 2020, Google reported it was blocking every day 18 million malware e-mails related to COVID-19.
Between January and April 2020, the attacks on cloud services increased by 630%
Apparently, the healthcare and financial industries were the most affected ones, as they deal with huge amounts of personal data. For instance, various researches show that:

In 2020, 27% of all cyberattacks targeted healthcare and financial sectors
From the beginning of February to the end of April 2020, attacks against the banks rose by 238% (when COVID-19 have started spreading).
Most of the financial institutions (82%) reported that it is more and more difficult to fight against cybercriminals, as they become more and more sophisticated.
2020 has definitely been a good year for online retailers. Even though according to surveys, Covid-19 has caused big shipping delays for 36% of consumers, the global lockdown made 56% of consumers trying a new retailer during the pandemic period. In addition, of course, this was the biggest holiday season in e-commerce history.On the other hand, more online sales result in more cyber-attacks. Of course, the e-commerce platforms have already started adapting to the current situation, but the hackers apparently took advantage especially at the beginning of the lockdown period, launching an unprecedented number of attacks, aiming to steal the customers’ data, and making unauthorized transactions. Such attacks include credit card frauds, malware, phishing attacks, etc.

Even though the businesses are trying to adapt to the growing threats coming from cybercriminals, cybersecurity specialists are not optimistic at all, as their researches show that cybercriminals are changing their way of acting even more, and are not planning to slow down. Here are just some f igures and predictions for 2021, presented by Cybersecurity Ventures:

By 2021, Cybercrime is expected to cost the world $6.1 trillion annually (more than twice compared to 2015), making it the world’s third-largest economy, after the USA and China
The cybersecurity experts predict a cyberattack incident to happen every 11 seconds in 2021 (4 times more than in 2016)
In 2021, 1st place in the nomination “The Fastest Growing Kind Of Cyber-crime” will go to Ransomware. As the worldwide costs caused by such kind of damages will reach $20 billion (57 times more than in 2015).
Taking into account all the mentioned statistics and predictions, it is obvious that organizations and individuals must rethink completely their cybersecurity approaches and strategies. So what can we all do to resist the cybercrimes more effectively?

Empower your Employees…with Knowledge

It has been proved that 90% of cyber-attacks are related to human errors. Often, people take cybersecurity for granted, and most of the employees are not even aware of cyber-attack types and risks…until it is too late. Any employee, who is not well-informed about cybersecurity, can unwillingly fall victim to cyber-attacks, placing your company and clients at risk. That’s why it is crucial to educate the employees, especially today when many of them are working from home.

So start spreading cybersecurity awareness right now: provide your employees with all the necessary information concerning cyber threats and bad consequences caused by those; organize cybersecurity training sessions and phishing experiments. Stay in control of the process: make your employees use only secure software and strong passwords, explain to them why they should get the approval of the IT department before installing any software, and why they might have limited access to some data, in some cases.

Protect Proactively

Preventing any damage is always better than repairing it. Cyber-criminals will constantly search the weak points in your company’s cybersecurity infrastructure, that is why you always have to be ahead of them, detecting an attack before it happens. This way of thinking will help you to reduce the damage and avoid major problems. Take all the necessary precautions to ensure your data is protected.

Any Backup Plans?

Researches show that many companies didn’t think about any back-up plans and tactics in the case the attackers have succeeded to steal the data.

Again, educate your employees: everyone should be aware of his own responsibilities in all the possible scenarios
Constantly control and monitor the entire data stored and shared inside and outside your company’s network.
Even though the attacks on cloud storage have increased drastically, never forget to back up your entire content.
But how to make sure that the data stored on your computers and cloud services is really protected…even if it was stolen? The answer is simple. Make it useless for the thieves!

Apparently, as we have seen, following all the figures listed above, your data is ultra-protected not when it cannot be breached (because it always can), but when it cannot be read by unauthorized users.

Today there are various new technologies that render data useless to unauthorized users and protect your data no matter where it is stored. For example, Cybervore offers a patented breakthrough technology, which combines authentication, AES 265 encryption, and fragmentation. It is a cybersecurity software called Fragglestorm™: a secure method where data is encrypted, sliced, or split into a defined number of fragments that are replicated, and only the authorized user has access. This offers a way to significantly increase data protection and integrity, and ensure a user’s data privacy across any on-premise device and cloud storage service.

How Different is a New York Bookkeeper From an In-house Accountant?

As a businessman you are already aware what crucial services a bookkeeper provides to the business. Well he is the man who keeps track of all the monetary movements taking place within the organization; how much capital goes into which business activity, from where the cash comes into the business, profit gains, losses, equity, shares and stocks and almost every activity which comes in the sphere of firm’s financial and accounting arena, has to be monitored by him. Managing account books and business finance is not a one-man game; a whole team of dedicated highly qualified professionals is hired, trained and procured by the business to run the accounting department.

Just like the other core departments of the business like Human resources, IT, marketing and sales and admin train their personnel for the technologies employed to assist their productivity, so does the accounting department spends on technical skill training for accountants and financial experts. If the business spends huge on the salaries, training and skill-set development and other fringe benefits of the employees it’s nothing wrong to expect the best of their services in return.

Even if the required services are delivered, but with your constant involvement to bring down the issues to closure and handle the chaos, then it proves to be a highly costly affair. With finances this matter is very common. Finances being the most important of the business core functions affect the other if not managed effectively.

For small and mid-size business this type of situation is very common. With limited financial resources such types of businesses cannot afford to have a poor functioning accounting department. With lots of capital, time and effort that had been invested in raising the accounting team to attain a sound stability at financial front is not achievable, affecting the business’s growth issues. It’s certainly not that if the business creates an in-house bookkeeping team is not a good decision, but with so much overheads of capital and effort that has been put in; the same could have been also managed by hiring the services of an out-house bookkeeper with much lower capital investments and almost nil involvement of yours.

The concept of outsourcing the business accounting and bookkeeping work to an out-house firm has become common with the New York firms, especially amongst the small and medium level players. New York bookkeeper firms offer high range of scalable services to meet different types of accounting and bookkeeping requirements of different business types. Completely customizable solution offerings are designed after an in-depth need analysis of the business firm by the New York bookkeepers. From cash flow movements to tax filing, stocks, shares, investments, everything is managed by them. Specialized services like inventory management, Salaries and wages management, and purchase order management are also extended from New York bookkeeping firms.

Are you still concerned about your vital financial data management with questions like who all will be the people handling the data, will they be able to handle the crucial data effectively and many other furious questions. Yes dear entrepreneurs, the people managing your firms’ highly sensitive financial data are highly professional and qualified accountants and have high level of expertise required for dealing with the financial issues. Now stop quizzing your brains and choose a reliable, professional, economical and an excellent New York bookkeeper which suffices to your accounting needs.