MyPAY has a strategic partnership with MySQUAR, a major Myanmarese social network with approximately 1.5 million user accounts. In addition to the financial investment, Fastacash will be acting as a technology partner to MyPAY, enabling payments through social media platforms, as well as supporting MyPAY’s go-to-market activities, including market insights and global partnership management.
The investment is Fastacash’s first inroad into Myanmar, a frontier market with a population of 51 million as of 2014 and one of the fastest growth rates in the world.
Through the Fastacash platform, anyone using MyPAY will be able to transfer money and airtime with their social connections. They will also be able to make payments at retail points.
MyPAY will leverage MySQUAR’s user base of approximately 1.5 million user accounts to grow their business operations. Consumers on MySQUAR would also be easily able to transact with their connections on the channel and with merchants.
Fastacash maintains live services in India, Indonesia, Russia, Singapore and Vietnam, offering social payment capabilities for banks by partnering with financial institutions and corporations, payment transfer operators, mobile network operators and social networks.
Partners include financial institutions such as DBS Bank (Singapore), Axis Bank (India), Oxigen Wallet (India), Techcombank (Vietnam), Doku (Indonesia), MOBI.Dengi (Russia), as well as VISA Europe.
Vince Tallent, chairman and CEO of Fastacash said, “In MyPAY we have found a strong local partner. Together we will make social payments a reality – for the very first time – in one of the last large untapped markets. Building a presence in Myanmar is aligned with our strategy to be a global leader in social payments, given Myanmar’s prominence as a large domestic market and receive market for global remittances.”
McKinsey estimates that Myanmar will quadruple the size of its economy from $45 billion in 2014 to $200 billion by 2030, with growth strongly correlated to demographic trends as well as mobile and social penetration.
Given high rates of mobile penetration, youthful demographics and a population that is mostly unbanked, with only 4.8 per cent of citizens having an account, Fastacash is strongly positioned to deploy and scale their social payments infrastructure as an alternative to cash payments.
Nicolas Nguyen, CEO of MyPAY said, “We see tremendous opportunity for both peer-to-peer and person-to-merchant payments in Myanmar. Together with Fastacash, MyPAY is going to introduce a mobile money app, compliant with Myanmar law, to make payments easier for consumers and merchants in Myanmar.”
Nguyen added, “With Fastacash’s technology, we are able to leverage social networks such as MySQUAR. Together, we are empowering a connected market where ninety percent of people are unbanked and underserved by traditional financial institutions.”
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