Local lender Ayeyarwaddy (Aya) Bank said it will launch its mobile banking system this month which will enable users to open bank accounts using their phone numbers to access banking services.
Up to K1 million ($1,000) can be remitted at one time via mobile the bank’s mobile remittance service, U Myo Min Yi from the E-Channel Department of the bank told Myanmar Business Today.
“Remittances to other Ayeyarwaddy Bank accounts can be done via mobile phones. Payments can also be settled with the mobile banking system,” he said.
The mobile banking system will also allow users to top up their MasterCard and Visa prepaid cards, which are issued by Ayeyarwaddy Bank, giving traditional bank users a reason to use the new mobile service.
“The system can be used for withdrawing money and online shopping. The account balance and transactions can also be checked through texts,” he said.