Through the partnership, Grab’s driver partners can sign up for e-money accounts that allow them to easily manage their cash flow, Grab said in a statement. Wave Money’s e-wallet platform will also be integrated into the Grab app as a cashless payment option for passengers.
Less than 10% of Myanmar’s 54.8 million population has access to a bank account and an even lower debit and credit card penetration, making Myanmar a predominantly cash-based environment. Therefore, cash has been the default payment method for people to pay for goods and services, including transportation, which can pose problems for rideshares like Ola — another rideshare platform in Asia — because cash is not as easily accounted for like digital payments.
Over the last year, the number of digital consumers in the Southeast Asia has surged 50% to 200 million, which has helped region’s internet economy balloon to more than $50 billion, according to a report from business consulting firm Bain & Co.
“The combination of fast-growing digital users with a fragmented market means that local players are successfully competing and gaining an edge on global names in certain sectors,” the report said.
Grab, which has raised $1.4 billion in funding, currently operates its ride-hailing app services in seven Southeast Asian countries — Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, and Myanmar. Grab has up to 2.5 million rides daily in Southeast Asia.
Wave Money is a mobile financial provider operating with over 9,000 Wave shops across Myanmar. Wave Money is a joint venture between Telenor, First Myanmar Investment, and YOMA Bank.
Grab and Wave Money did not immediately respond to request for comment.
Through the partnership, Grab’s driver partners can sign up for e-money accounts that allow them to easily manage their cash flow, Grab said in a statement. Wave Money’s e-wallet platform will also be integrated into the Grab app as a cashless payment option for passengers.
Less than 10% of Myanmar’s 54.8 million population has access to a bank account and an even lower debit and credit card penetration, making Myanmar a predominantly cash-based environment. Therefore, cash has been the default payment method for people to pay for goods and services, including transportation, which can pose problems for rideshares like Ola — another rideshare platform in Asia — because cash is not as easily accounted for like digital payments.
Over the last year, the number of digital consumers in the Southeast Asia has surged 50% to 200 million, which has helped region’s internet economy balloon to more than $50 billion, according to a report from business consulting firm Bain & Co.
“The combination of fast-growing digital users with a fragmented market means that local players are successfully competing and gaining an edge on global names in certain sectors,” the report said.
Grab, which has raised $1.4 billion in funding, currently operates its ride-hailing app services in seven Southeast Asian countries — Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, and Myanmar. Grab has up to 2.5 million rides daily in Southeast Asia.
Wave Money is a mobile financial provider operating with over 9,000 Wave shops across Myanmar. Wave Money is a joint venture between Telenor, First Myanmar Investment, and YOMA Bank.
Grab and Wave Money did not immediately respond to request for comment.