What are Mobile Wallets and Mobile Payments?

(ပုံကိုနှိပ်ပါ)👇

From banks to telecommunications operators; Mobile based financial services are offered by a variety of service providers as well as other independent service providers. Also, different service providers use different terms, so mobile money, Mobile wallets and mobile payments are often difficult to understand.

To make this easier to understand, first think about what you want to do with your money as below.

  1. Save the money
  2. Send money to family and friend
  3. Pay digitally
  4. Pay at the shop

Nowadays, many mobile phone based services allow you to do this on your mobile phone.

Note - It is somewhat similar to mobile banking which provides mobile app based services but the main difference is that mobile banking needs to be linked to an existing bank account. Learn the difference between mobile banking and mobile wallet here.


1. Save the money

You have to connect the phone number and open an account. Then deposit through the agent, You can withdraw money. This is similar to depositing money into a bank account. The difference is that the bank branch Instead of ATM machines, it is done at the agent through the account linked to the phone number.


2. Send money to family and friend

family When transferring money to friends, either directly from the same provider's mobile wallet account, or You can transfer money either through the service provider's agent. If the transfer is from an agent, the recipient needs to go and collect the money. Transferring money using the recipient's mobile wallet account is similar to transferring money to the recipient's bank account. Transferring money through an agent is like sending money to a bank with the recipient's identification number. The recipient of the money needs to go to the bank to withdraw the money from the agent.


3. Pay digitally

Whether for goods or services through mobile payment applications. You can pay for services (such as phone top-up, bill payment, car ticket purchase, online shop payment, etc.) online.


4. Pay at the shops

There are some mobile payment apps that allow you to pay in stores using your phone. Some apps use QR codes to make payments, and some apps require the merchant's account number to pay.

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