Local payment app Onepay on May 4 launched the first mobile interbank service which users can transfer money among seven local banks- 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 without going to banks.

U Aung Zeya Myo, deputy managing director of Onepay said, the intention is for users to gain a simple, secure and convenient way of transferring cash. Working with our official banking partner AGD 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 remittance will be set by each respective bank. 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.”

Users can easily add funds to their Onepay wallets through AGD bank account, or with any e-commerce enabled MPU, Visa or Mastercard or cash-in services through Onepay appointed agents throughout the country.

One of the goals under the plan is to promote the use of mobile platforms such as mobile payment services like KBZ Pay, CB Pay, Wave Money, M Pitesan and OK Dollar.

Source: The Myanmar Times,Mizzima

- photo credit