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Wave Money sets record breaking 1.1 Million Monthly Active Users of WavePay | 30.10.20

Remittance value totalled 8 Trillion MMK [US$ 5.9 billion] as of the end of Q3 2020New WavePay registrations hit daily average growth of 162% in S…

Remittance value totalled 8 Trillion MMK [ US$ 5.9 billion ] as of the end of Q3 2020

New WavePay registrations hit daily average growth of 162% in September compared to January 2020

62 Billion MMK [ US$ 46 million ] in agent commissions from January to September

Now expanded to more than 64,000 agents nationwide

YANGON, Myanmar, Oct. 30, 2020 /PRNewswire/ — Wave Money has set a new record as its WavePay application crossed 1.1 million monthly active users in October. With a remittance value reaching 8 Trillion Myanmar Kyat (US$ 5.9 billion) from January to September 2020, The leading mobile financial services provider in Myanmar posted an impressive daily average growth of 162% in new WavePay registrations by comparison to January 2020.

Reported in accordance with the internationally-recognised metrics of the GSM Association (GSMA), Wave Money reflects the strong market opportunity and rapid adoption of mobile money in Myanmar. “This is a very exciting milestone because it’s a positive indicator not only of our performance but the health of the industry as a whole and how people are embracing digital. In line with our vision of creating a fairer future for Myanmar, we couldn’t be happier knowing that mobile money is now a big part of their daily lives,” said Brad Jones, CEO of Wave Money.

An active mobile money account is a mobile money account which has been used to conduct at least one transaction during a certain period of time of either 30 days or 90 days, according to GSMA, the world’s largest industry organisation of mobile network operators.

In its 2019 State of the Industry Report (SOTIR), GSMA noted that customers used their mobile money accounts more often and as part…

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