Wave Money, the leading mobile financial service provider in Myanmar, won the “Best Digital Wallet of the Year” and “Best Mobile Payments Service” award at the Global Retail Banking Innovation 2020 organized by the Digital Banker. Wave Money was highly commended for delivering innovative services and social impact, particularly to the unbanked and underserved communities. Heldin Singapore, the annual awards recognized Wave Money as an outstanding financial institution among the world’s top financial institutions, and that showed excellence in digital
innovation, social and digital inclusion, and service delivery to vulnerable sectors during this COVID-19 pandemic.
The Digital Banker is a global trusted news, business intelligence and research partner to the worldwide financial services sector. One of its flagship programmes, the Global Retail Banking Innovation Awards recognizes and celebrates the world’s outstanding retail banking and financial institutions with a distinguished contribution to the industry.
Best Digital Wallet Launched in 2018, WavePay is a super app that meets the lifestyle needs of digital natives while helping advance greater financial inclusion among the unbanked population in the countryside.
WavePay is a convenient, secure, simple and reliable way to remit and receive money, pay utility bills and loans, top-up mobile services, shop online as well as pay at physical checkout counters. In October 2020, Wave Money has set a new record as the WavePay application crossed 1.1 million monthly active users, and an impressive daily average growth of 162% in new WavePay registrations this year. Best Mobile Payment Service Wave Money has brought the benefits of financial services to millions of Myanmar people who were previously unbanked and underserved. During this challenging COVID-19 era, Wave Money has been fully leveraging its platform to help the Myanmar community.
Millions are using WavePay to conveniently and securely transfer money and make daily payments and financial transactions in the comfort and safety of their homes. Government, humanitarian agencies and corporates are also using WavePay to digitallydelivering COVID-19 emergency cash to vulnerable sectors, including at-risk communities in rural, remote Myanmar Wave Money also initiated “WavePay It Forward” to help government, non-government institutions, and humanitarian agencies leverage the digital to deliver essential payments and mobilize relief funds for those severely impacted by the COVID-19 pandemic.
Wave Money has the largest agent network in Myanmar, covering 89% of the country with over 64,000 agents as of November 2020. Over the years, Wave Money has seen exceptional business and customer growth, which reflects service and technology excellence. From an annual remittance value of 2 trillion Myanmar kyat in 2018, Wave Money moved 6.4 trillion Myanmar kyat (US$ 4.3 billion) in 2019. As of September 2020, Wave Money’s total remittance value was already at 8 trillion MMK (US$5.9 billion).
Source: The Global New Light of Myanmar