{"id":224,"date":"2023-03-10T09:19:08","date_gmt":"2023-03-10T09:19:08","guid":{"rendered":"https:\/\/payplusmyanmar.com\/?page_id=224"},"modified":"2023-03-13T10:19:53","modified_gmt":"2023-03-13T10:19:53","slug":"lets-skip-the-cash","status":"publish","type":"page","link":"https:\/\/payplusmyanmar.com\/index.php\/lets-skip-the-cash\/","title":{"rendered":"Let&#8217;s Skip the Cash"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"224\" class=\"elementor elementor-224\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-de5476d elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"de5476d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-72bdf90\" data-id=\"72bdf90\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-02e0786 elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-image\" data-id=\"02e0786\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2.jpg\" class=\"attachment-2048x2048 size-2048x2048 wp-image-226\" alt=\"\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2.jpg 1920w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-300x169.jpg 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-1024x576.jpg 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-768x432.jpg 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-1536x864.jpg 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-800x450.jpg 800w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6c8dca1 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"6c8dca1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-41303ec\" data-id=\"41303ec\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-6eed326\" data-id=\"6eed326\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6388301 elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-heading\" data-id=\"6388301\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">March 10, 2023 | By Jason Myat, Ruth Aung<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c8463b elementor-hidden-desktop elementor-widget elementor-widget-image\" data-id=\"3c8463b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2.jpg\" class=\"attachment-2048x2048 size-2048x2048 wp-image-226\" alt=\"\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2.jpg 1920w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-300x169.jpg 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-1024x576.jpg 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-768x432.jpg 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-1536x864.jpg 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/article-2-800x450.jpg 800w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-623a96e elementor-hidden-desktop elementor-widget elementor-widget-heading\" data-id=\"623a96e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">March 10, 2023 | By Jason Myat, Ruth Aung<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4ec5ec0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ec5ec0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6b8be00\" data-id=\"6b8be00\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b3f43f elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-heading\" data-id=\"4b3f43f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Let's Skip the Cash<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f58b85f elementor-hidden-desktop elementor-widget elementor-widget-heading\" data-id=\"f58b85f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Let's Skip the Cash<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b13296 elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"0b13296\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>In the previous article, we discussed about how the dominance of cash has an adverse influence on consumer behaviour during the transformation era of Myanmar. However, with regard to the payments sector, COVID-19 and its repercussions have given Myanmar consumers the drive they needed to shift the payment system.\u00a0 The rate of digital adoption in Myanmar&#8217;s banking and e-commerce industries has grown due to the development of e-commerce as well as Covid. Covid was not the only factor encouraging the shift of the payment system in Myanmar.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08f8284 elementor-hidden-desktop elementor-widget elementor-widget-text-editor\" data-id=\"08f8284\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In the previous article, we discussed about how the dominance of cash has an adverse influence on consumer behaviour during the transformation era of Myanmar. However, with regard to the payments sector, COVID-19 and its repercussions have given Myanmar consumers the drive they needed to shift the payment system.\u00a0 The rate of digital adoption in Myanmar&#8217;s banking and e-commerce industries has grown due to the development of e-commerce as well as Covid. Covid was not the only factor encouraging the shift of the payment system in Myanmar.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-962a1a3 elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-heading\" data-id=\"962a1a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A Need for Solution<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-119e301 elementor-hidden-desktop elementor-widget elementor-widget-heading\" data-id=\"119e301\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A Need for Solution<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0bc4458 elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"0bc4458\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-227 alignleft\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-300x300.png\" alt=\"\" width=\"125\" height=\"125\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-300x300.png 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-1024x1024.png 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-150x150.png 150w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-768x768.png 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-1536x1536.png 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-2048x2048.png 2048w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-600x600.png 600w\" sizes=\"auto, (max-width: 125px) 100vw, 125px\" \/><\/p><p>By offering solutions to pressing challenges like low <strong>mobile access<\/strong> and network infrastructure in the past few decades, the telecommunication and fintech businesses made every effort to steer Myanmar into the digital paradigm. According to Myanmar Digital Contents &amp; Vas Association report, 72.41% of the population use smartphones by 2020 and these numbers are likely to have increased since then. Presently, social media access and financial services like internet banking are mostly the focused-factors through smartphones. This data shows Myanmar&#8217;s rising digital literacy rate, which once served as an impediment to the payment transformation.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1af5996 elementor-hidden-desktop elementor-widget elementor-widget-text-editor\" data-id=\"1af5996\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-227 alignleft\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-300x300.png\" alt=\"\" width=\"125\" height=\"125\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-300x300.png 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-1024x1024.png 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-150x150.png 150w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-768x768.png 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-1536x1536.png 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-2048x2048.png 2048w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-46-065-600x600.png 600w\" sizes=\"auto, (max-width: 125px) 100vw, 125px\" \/><\/p><p>By offering solutions to pressing challenges like low <strong>mobile access<\/strong> and network infrastructure in the past few decades, the telecommunication and fintech businesses made every effort to steer Myanmar into the digital paradigm. According to Myanmar Digital Contents &amp; Vas Association report, 72.41% of the population use smartphones by 2020 and these numbers are likely to have increased since then. Presently, social media access and financial services like internet banking are mostly the focused-factors through smartphones. This data shows Myanmar&#8217;s rising digital literacy rate, which once served as an impediment to the payment transformation.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc2d7aa elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"bc2d7aa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-228 alignleft\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-300x300.png\" alt=\"\" width=\"125\" height=\"125\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-300x300.png 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-1024x1024.png 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-150x150.png 150w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-768x768.png 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-1536x1536.png 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-2048x2048.png 2048w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-600x600.png 600w\" sizes=\"auto, (max-width: 125px) 100vw, 125px\" \/>Even if the prevalence of digital literacy is improving, people in rural areas still find it difficult to create <strong>bank accounts<\/strong> since banking services do not reach every one of those areas. Fintech and telecom firms, however, have developed mobile applications for digital payments that do not require a bank account for unbanked population such as smallholder farmers, to track their transactions and to establish credit history as a solution to this problem. Digital payment systems have the potential to make credit more accessible to the unbanked population, allowing them to potentially get better mortgages at favourable terms by removing the barriers to acquire traditional bank loans.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29bd330 elementor-hidden-desktop elementor-widget elementor-widget-text-editor\" data-id=\"29bd330\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-228 alignleft\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-300x300.png\" alt=\"\" width=\"125\" height=\"125\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-300x300.png 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-1024x1024.png 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-150x150.png 150w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-768x768.png 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-1536x1536.png 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-2048x2048.png 2048w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-53-988-600x600.png 600w\" sizes=\"auto, (max-width: 125px) 100vw, 125px\" \/>Even if the prevalence of digital literacy is improving, people in rural areas still find it difficult to create <strong>bank accounts<\/strong> since banking services do not reach every one of those areas. Fintech and telecom firms, however, have developed mobile applications for digital payments that do not require a bank account for unbanked population such as smallholder farmers, to track their transactions and to establish credit history as a solution to this problem. Digital payment systems have the potential to make credit more accessible to the unbanked population, allowing them to potentially get better mortgages at favourable terms by removing the barriers to acquire traditional bank loans.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20046d0 elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"20046d0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-229 alignleft\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-300x300.png\" alt=\"\" width=\"125\" height=\"125\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-300x300.png 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-1024x1024.png 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-150x150.png 150w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-768x768.png 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-1536x1536.png 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-2048x2048.png 2048w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-600x600.png 600w\" sizes=\"auto, (max-width: 125px) 100vw, 125px\" \/><\/p><p>Another issue conspiring against the transformation is <strong>payment security<\/strong>; clients in Myanmar had doubts about utilising digital payments. Customers will resort back to the aesthetic value of cash transactions, which have their own risks of fraud, loss, and errors, the moment they begin to feel uncertain. For digital payment models, ensuring payment security is crucial, as is showcasing the simplicity to accept payments and retrieve money. Several Fintech companies had success persuading Myanmar clients of the security of digital payments starting from the past few years. The Central Bank of Myanmar reports that by the end of 2019, there were 2 million POS transitions. The e-commerce market value was 6 million dollars at that time which indicates a widespread adoption of cashless transactions.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36efc8e elementor-hidden-desktop elementor-widget elementor-widget-text-editor\" data-id=\"36efc8e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-229 alignleft\" src=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-300x300.png\" alt=\"\" width=\"125\" height=\"125\" srcset=\"https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-300x300.png 300w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-1024x1024.png 1024w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-150x150.png 150w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-768x768.png 768w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-1536x1536.png 1536w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-2048x2048.png 2048w, https:\/\/payplusmyanmar.com\/wp-content\/uploads\/2023\/03\/viber_image_2023-03-10_14-57-54-847-600x600.png 600w\" sizes=\"auto, (max-width: 125px) 100vw, 125px\" \/><\/p><p>Another issue conspiring against the transformation is <strong>payment security<\/strong>; clients in Myanmar had doubts about utilising digital payments. Customers will resort back to the aesthetic value of cash transactions, which have their own risks of fraud, loss, and errors, the moment they begin to feel uncertain. For digital payment models, ensuring payment security is crucial, as is showcasing the simplicity to accept payments and retrieve money. Several Fintech companies had success persuading Myanmar clients of the security of digital payments starting from the past few years. The Central Bank of Myanmar reports that by the end of 2019, there were 2 million POS transitions. The e-commerce market value was 6 million dollars at that time which indicates a widespread adoption of cashless transactions.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bd1b79 elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-heading\" data-id=\"6bd1b79\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why Embrace Digital Payments<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-beab848 elementor-hidden-desktop elementor-widget elementor-widget-heading\" data-id=\"beab848\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why Embrace Digital Payments<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57e62fb elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"57e62fb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As the volume of digital transactions has expanded, customers and corporations alike have recognised the convenience and effectiveness of digital payment systems like mobile wallets and individual payments. By making payments more convenient and easy, the economic growth can be promoted by cashless payment systems and enhance consumption as well. The key benefits of digitising the payment process include chances for corporations and smartphone users to save time and resources as cross-border transactions may be completed digitally in a matter of seconds.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53e92e9 elementor-hidden-desktop elementor-widget elementor-widget-text-editor\" data-id=\"53e92e9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As the volume of digital transactions has expanded, customers and corporations alike have recognised the convenience and effectiveness of digital payment systems like mobile wallets and individual payments. By making payments more convenient and easy, the economic growth can be promoted by cashless payment systems and enhance consumption as well. The key benefits of digitising the payment process include chances for corporations and smartphone users to save time and resources as cross-border transactions may be completed digitally in a matter of seconds.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca2c0fb elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"ca2c0fb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Digital payment facilitates convenience while also fostering economic growth, as stated in the benefits above. Government and FinTech companies are taking every measure to inspire Myanmar to enter the modern transformation with positive outcomes. By analysing the existing scenario, we can predict that Myanmar&#8217;s payment system would eventually change to one where the majority of transactions take place digitally. In a few years, the majority of people will use digital payments to skip the cash.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c5eae2 elementor-hidden-desktop elementor-widget elementor-widget-text-editor\" data-id=\"6c5eae2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Digital payment facilitates convenience while also fostering economic growth, as stated in the benefits above. Government and FinTech companies are taking every measure to inspire Myanmar to enter the modern transformation with positive outcomes. By analysing the existing scenario, we can predict that Myanmar&#8217;s payment system would eventually change to one where the majority of transactions take place digitally. In a few years, the majority of people will use digital payments to skip the cash.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-924a09a elementor-section-full_width elementor-hidden-tablet elementor-hidden-mobile elementor-section-height-default elementor-section-height-default\" data-id=\"924a09a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-396356e\" data-id=\"396356e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-bf6711a\" data-id=\"bf6711a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-22e1fa6 elementor-widget elementor-widget-heading\" data-id=\"22e1fa6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/payplusmyanmar.com\/index.php\/article\/\"><- More  Articles<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f83250e elementor-section-full_width elementor-hidden-desktop elementor-section-height-default elementor-section-height-default\" data-id=\"f83250e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-463fef8\" data-id=\"463fef8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fbc1de4 elementor-widget elementor-widget-heading\" data-id=\"fbc1de4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/payplusmyanmar.com\/index.php\/article\/\"><- More Articles<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>March 10, 2023 | By Jason Myat, Ruth Aung March 10, 2023 | By Jason Myat, Ruth Aung Let&#8217;s Skip the Cash Let&#8217;s Skip the Cash In the previous article, we discussed about how the dominance of cash has an adverse influence on consumer behaviour during the transformation era of Myanmar. However, with regard to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_canvas","meta":{"footnotes":""},"class_list":["post-224","page","type-page","status-publish","hentry","entry"],"_links":{"self":[{"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/pages\/224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/comments?post=224"}],"version-history":[{"count":70,"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/pages\/224\/revisions"}],"predecessor-version":[{"id":344,"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/pages\/224\/revisions\/344"}],"wp:attachment":[{"href":"https:\/\/payplusmyanmar.com\/index.php\/wp-json\/wp\/v2\/media?parent=224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}