Payment methods in Myanmar
KBZPay leads Myanmar's digital payments, leveraging the country's largest private bank (KZ Bank) customer base to build a comprehensive digital wallet ecosystem.
Market takeaways
- KBZPay leads Myanmar's digital payments, leveraging the country's largest private bank (KZ Bank) customer base to build a comprehensive digital wallet ecosystem.
- Wave Money's agent network model has been pivotal for reaching unbanked rural populations.
- MMQR, Myanmar's national QR payment standard, launched February 2025, connecting 12 major digital wallets and banks.
- The online payment gateway market is growing despite challenges of limited banking infrastructure, security concerns, and regulatory constraints.
- Mobile devices account for the vast majority of digital transactions, with cash-on-delivery still common for e-commerce.
Population
54M
Online population
~25M
Banked population
~26%
Credit card population
<5%
Payment method breakdown
- Cash55%
- E-Wallet / Mobile Money35%
- Card7%
- Bank Transfer3%
Card scheme breakdown
Market data coming soon.
Cross-border e-commerce
Market data coming soon.
Featured payment methods in Myanmar
Popular options based on coverage and prominence in this market.
Wave
Wave is a mobile-money provider focused on West Africa (Senegal, Côte d'Ivoire, Mali, Burkina Faso; also active in The Gambia and Uganda). It offers low-cost transfers, free deposits/withdrawals and bill payments via a smartphone app and agent network.
KBZPay
Myanmar's dominant digital wallet, operated by KBZ Bank, the country's largest private bank. KBZPay leverages KBZ's extensive branch network and customer base to offer payments, transfers, and merchant QR payments. It represents a comprehensive digital ecosystem serving millions of users and is connected to the MMQR network.
CB Pay
Digital wallet operated by CB Bank. CB Pay supports peer-to-peer transfers, merchant QR payments, and utility bill payments. Connected to the national MMQR interoperability system.
MMQR
Myanmar's national interoperable QR payment system launched on February 27, 2025 by the State Administration Council. MMQR connects 12 platforms including AYA Pay, KBZ Pay, Wave Money, OK Dollar, CB Pay, UAB Pay, A+ Wallet, CTZ Pay, Yoma, Trusty, Zego, and Mpitesan. It aims to unify Myanmar's fragmented mobile payment ecosystem.
OK Dollar
Digital wallet operated by AGD Bank, supporting mobile transfers and merchant payments. Part of the MMQR interoperability network.
WavePay (formerly Wave Money)
WavePay (formerly Wave Money) is one of Myanmar's largest mobile financial services providers, offering wallet payments, transfers, bill payments and agent cash-in/cash-out. It is a separate company from the West African 'Wave' mobile money service.
All payment methods in Myanmar
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Featured banks in Myanmar
Major institutions operating in this market.
Maybank
Kuala Lumpur, Malaysia
Maybank is Malaysia's largest bank and one of Southeast Asia's top financial groups, with a strong ASEAN franchise offering retail, SME, corporate, and Islamic banking.
Bangkok Bank
Bangkok, Thailand
Bangkok Bank is Thailand's largest bank by assets, offering retail, SME, and corporate banking with a strong regional network across ASEAN.
Kasikornbank (KBank)
Bangkok, Thailand
Kasikornbank (KBank) is one of Thailand's top banks, known for digital banking innovation, retail, and SME banking.
BIDV (Bank for Investment and Development of Vietnam)
Hanoi, Vietnam
BIDV is Vietnam's largest bank by total assets, a state-owned bank focused on infrastructure financing, retail, and corporate banking.
KBZ Bank Myanmar
Yangon, Myanmar
KBZ Bank is Myanmar's largest private bank, offering retail and SME banking with a nationwide branch network.
Other Banks — Myanmar
Naypyidaw, Myanmar
Aggregate of remaining banks in Myanmar, collectively ~88.3% of domestic banking assets.
All banks in Myanmar
Showing 6 of 6 banks
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