On 4 May, Onepay launches the first mobile interbank service in Myanmar with the technicaland operational support of its official banking partner, Asia Green Development Bank (AGD). The interbank service allows Onepay users to transfer money between Asia Green Development Bank (AGD), Ayeyarwady Bank (AYA), Co-operative Bank (CB) Kanbawza Bank (KBZ), Myanma Apex Bank (MAB), United Amara Bank (UAB) and Yoma Bank.
As the first ever interbank service in Myanmar, it allows users to transfer money between banks without going into a branch. At a time of a global pandemic, this service reduces social contact and helps users avoid the hassle of going into branches.
Users can easily transfer money between banks by adding funds to their Onepay wallet. This can be done through an AGD bank account, or with any e-commerce enabled MPU, VISA or Mastercard. Additionally, if users do not have a bank card or account, funds can be added by using cash-in services through 123 service or Onepay appointed agents throughout the country. This would then allow the user to simply transfer the amount from their wallet to one of the seven selected banks.
U Aung Zeya Myo, Deputy Managing Director of One Pay Company Limited said, “We want to make sure that our customers are having a simple, secure and convenient experience while using our service. Working with our official banking partner, AGD Bank to support interbank services in our app is one of the attempts to reach that goal. The interbank service does not have any hidden costs or extra charges. Any costs associated with the remittance charges will be set by respective banks. The app is designed to notify the users of the transfer rate and cost before they confirm the transaction. Settlement will take up to two working days after the transaction has been made.”
U Pyi Soe Htin, Chief Business Officer of AGD Bank said, “As the official banking partner, AGD will manage the interbank transactions of Onepay users. We’re proud to provide banking service to this first mobile interbank service. We are ready to partner with Onepay to move forward in creating an integrated cashless processing system in Myanmar.”
COVID-19, technology advancement, the growth of mobile usage, and broader internet penetration in Myanmar has encouraged people to move from traditional payments to cashless mobile payments.
The Onepay app connects users and businesses to enable mobile financial transactions across one unified platform. It aims to simplify user’s lifestyle by effortlessly combining financial and lifestyle activities by making it smarter, faster and easier to pay for goods and services.
Onepay app is available for both android and iOS users on Playstore and Apple App store respectively. For more information and to download the app, please visit Onepay’s official website, www.onepay.com.mm. —GNLM