MOB to allow digital payment system

Ongo, a digital financial service firm, and Myanmar Oriental Bank (MOB) have partnered up to reduce cash flow.

The two firms have launched an initial phase of connecting Ongo digital payment software (Ongo Mobile Wallet) and Ongo/MOB Debit card since July 24. Further steps to develop perfect digital cash flow system will be continued step-by-step until after the start of 2019, officials from the two companies said.

Initial services include staff salary payment via Ongo Mobile Wallet digital software, money transfer, refilling mobile top-ups, shopping by staffs using their salaries and making small cash withdrawals with Ongo/MOB Debit cards at ATMs, said Allen Gilstrap, CEO of Ongo.

“The service aims to go forward to domestic financial ecosystem which doesn’t need to use cash. Despite difficulties, with step-by-step approach, it will reach a situation where banknotes are no longer needed,” he explained.

After 2019, the firms expect to expand Ongo digital software and Ongo/MOB Debit card payment network to the whole country. At that phase, they will arrange for Ongo digital payment system to be available at shopping centres, convenience stores, grocery shops in the residential areas and local markets, said U Aung Kyaw Moe, business partner manager of Ongo.

“For Myanmar digital system transformation, such service is necessary. Based on elimination of in-cash usage by business persons, change must be carried out,” said Dominic Notario, CEO of MOB.

A monthly service charge of Ongo digital service for companies is US$100. Services under that $100 include installation of Ongo Desktop software for businesspersons at the company, sending staff salary data to the firm’s account section and facilitation of the accounting. Employees do not need pay any service charges to use these services, but, if they use other ATMs rather than MOB’s ones, they will have to pay the service charges specified by respective banks when withdrawing cash, said Mr Notario.

Current local digital payment services available are Wave Money from Yoma Bank, AGD Pay from AGD Bank, CB Pay from CB Bank and OK Dollar. The majority of local banks provide mobile banking service which can be used via mobile phones but payment systems are not widely used yet.

Source: Myanmar Times

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