Ei Ei Phyu MBF

YANGON UNIVERSITY OF ECONOMICS
DEPARTMENT OF COMMERCE
MASTER OF BANKING AND FINANCE PROGRAMME
ATTITUDE TOWARDS THE USE OF MOBILE WALLET

AND MOBILE PAYMENT SERVICES IN MYANMAR
EI EI PHYU
(MBF- 4th BATCH)
DECEMBER, 2018
“Attitude Towards the Use of Mobile Wallet and Mobile
Payment Services in Myanmar”
A thesis submitted as a partial fulfillment of the requirements for the degree

of Master of Banking and Finance (MBF)
Supervised by Submitted by
Dr. Daw Soe Thu Ei Ei Phyu

Programme Director Roll No - 50
Master of Banking and Finance Programme MBF 4th Batch
Yangon University of Economics
DECEMBER, 2018
ABSTRACT
This study is an attempt to evaluate the performance of First Private Bank

(FPB)with the regulatory framework of CAMEL. It focuses mainly on a Bank’s
Capital, Asset quality, Management, Bank’s earning and Liquidity. This study uses
mainly in secondary data and descriptive analysis of financial data. To gather data
which is used in the present study, financial information were obtained from audited
financial statements, annual reports, articles, previous studies on related topic,
published statement of disclosure of FPB. Five years (2014 to 2018) audited financial
statements of First Private Bank have been collected and analyzed to evaluate the
quality of management and performance quality by CAMEL measures to meet the
purpose of objective. Each three types of financial ratios analysis has made for 6
periods in 5 topics. Then, composite ratings are used for identifying of quality level of
First Private Bank. The finding is Capital, Asset quality and Liquidities are very fine
but Management and Earnings have some issues. These findings from this analysis
found that First Private Bank stands outstanding level for study period. The issues
with management and earnings are profit before tax ratios are not in positive trends.
Although the loan are rising, PBIT is still keep lowing. Total asset to liabilities ratios
are raising but PBIT are declining. When total assets are getting high then the earning
asset should be raised and net income should be also raised. ROA and ROE have
fluctuations amongst financial years. The Pre-projected business plan should be
drawn up before a new financial year start and monthly, quarterly and bi-annually
detail monitoring and comparisons should make. For those discrepancies arise from
the projection are to be adjusted with plan of proper action to achieve the Bank’s
targets. The more positive trends with the bottom line of the Business, the better Bank
future and more attractive at YSX stock market.
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ACKNOWLEDGEMENT
I would first like to thank Rector Dr Tin Win , programmme director Professor
Daw Soe Thu and advisor Associate Professor Daw Khin New Ohn , whose office
door was always open whenever I ran into a trouble spot or had a question about my
research or writing. She consistently allowed this paper to be my own work, but
steered me in the right the direction whenever she thought I needed it.
I am gratefully indebted to all teachers of programme for all their very

valuable comments on this thesis.
I must express my very profound gratitude to my school Yangon Institute of

Economics, Rector, Programme Director, all programme teachers, friends and my
family for providing me with unfailing support and continuous encouragement
throughout my years of study and through the process of researching and writing this
thesis. This accomplishment would not have been possible without them. Thank you
very much indeed.
Tin Htun Aung
Roll No -63
MBF 4th Batch
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TABLE OF CONTENTS
Page
ABSTRACT i
ACKNOWLEDGEMENTS ii
TABLE OF CONTANT iii
LAST OF TABLE v
LIST OF FIGURES vi
CHAPTER I INTRODUCTION
1.1 Rationale of the Study 1
1.2 Object of Study 2
1.3 Scope and Method of study 2
1.4 Organization of the study 3
CHAPTER II LITERATURE REVIEW

2.1 The Importance of Management and 4
Performance in Banking Sector
2.2 The Measurements of Quality of Management and 4
Performance in Banks
2.3 Concept of CAMEL Model 6
2.4 The Significance of CAMEL Rating Framework 7
in Banking Supervision
2.5 Financial Ratios Used in This Study 8
2.6 The Rating Scales in CAMEL Model 9
2.7 Generally accepted rating parameters for 10
2.8 Rating Interpretation 11
CHAPTER III PRPFILE OF FIRST RPIVATE BANK
3.1 The Establishment of FIRST PRIVATE BANK 15
3.2 Vision, Mission, Core Values and Motto of FIRST 15
PRIVATE BANK
3.3 The Products and Services of FIRST PRIVATE BANK 16
3.4 Organization Structure of FIRST PRIVATE BANK’s 17
Management
3.5 Responsibility of the BOD and Committees 19
3.6 Corporate Social Responsibility by Taxation 21
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CHAPTER IV PERFORMANCE EVALUATION OF FIRST
PRIVATE BANK
4.1 Research Design 22
4.2 Analysis of Quality of Management and Operations by 23
CAMEL
4.3 Composite Rating or FIRST PRIVATE BANK’s Score 28
Sheet
CHAPTER V CONCLUSION
5.1 Findings 29
5.2 Other Recommendation 30
REFERENCES
APPENDIX (1)
APPENDIX (2)
iv
LIST OF TABLES
Table No. Description Page No.

2.1 CAMEL features and measuring financial ratios 9
3.1 Corporate Taxes Paid by Years 21
4.1 Capital Adequacy Ratio of First Private Bank 23
4.2 Asset Quality 25
4.3 Management Quality 26
4.4 Earning Quality 26
4.5 Liquidity Quality 27
4.6 Composite Rating of FIRST PRIVATE BANK 28
v
LIST OF FIGURES
Figure No. Description Page No.

2.1 Conceptual Framework of the Study 16
vi
ABSTRACT
This study intends to identify the mobile wallet services provided by selected
mobile financial services (MFS) License Company in Myanmar and to explore the
attitude on using mobile wallet and mobile payment services. This study focus on the
active customers of the selected sample sized organizations which are OK$ and Wave
Money. In order to fulfill the research objects, both primary and secondary data are used
in this study. For this study, the primary has got from the survey, questionnaires and
interviews from the targeted respondents by using the quota sampling method from the
selected organizations. For the secondary part, the study is focused on the changing from
the traditional banking sector to cashless payment system from the related public sources.
In the finding section, the study is mainly based on the objectives and the data about the
attitude of customers on using mobile wallet services. Because of the ease of use and
convenient, the attitudes of the users are changed and they started feel that the services
are intention to use.
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ACKNOWLEDGEMENTS
First and foremost, I would like to express special thanks to express special thank
and gratitude to the Rector, Prof. Dr. U Tin Win, Yangon University of Economics for
giving me the chance to do this thesis as requirement of master degree.
Secondly, I also wish to express my respectful and thankful to Prof. Dr. Soe Thu,
Head of Department of Commerce and Master of Banking and Finance Programme,
Yangon University of Economics for her valuable guidance and comment to accomplish
this thesis. I also deeply blessing to all my respected professors, lecturers and a cheerful
group of fellow students from student affair who gave valuable lecturers, share
knowledge, kind encouragement and valuable comments and helpful advices, great
supervision and interest from the beginning to the end of my thesis paper.
Thirdly, I am thankful to express my appreciation and special thanks to employees

of OK$ Internet Wallet Myanmar and Wave Money Limited who encourage and guides
me to write this thesis and supporting me to collect necessary data and information to
complete my thesis. Further, my sincerest appreciations to my class-mates with a friendly
and cheerful who are sharing me information and guidance in their expert area related to
this new product development and blessing all my close friend whoever gave data
collection to this study to be finalized on time.
Finally, my warmest and sincerest to my parents, family and colleagues who are
always supporting me and encouraging me all my studies and contribute towards the
completion of my thesis paper.
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TABLE OF CONTENTS
Page
ABSTRACT i
ACKNOWLEDEMENTS ii
TABLE OF CONTENTS iii
LIST OF TABLES v
LIST OF FIGURES vi
LIST OF ABBREVIATIONS vii
CHAPTER 1 INTRODUCTION 1
1.1 Rationale of the Study 2
1.2 Objectives of the Study 3
1.3 Scope and Methods of the Study 3
1.4 Organization of the Study 3
CHAPTER 2 THEORETICAL BACKGROUND

2.1 Definition of Mobile Wallet 5
2.2 History of Mobile Wallet in International 6
2.3 Services of Mobile Wallet 8
2.4 Mobile Wallet Technology 10
2.5 Technology Acceptance Model (TAM) 11
CHAPTER 3 BACKGROUND OF MYANMAR MOBILE FINANCIAL

SERVICES INDUSTRY AND SELECTED LICENSED-
ORGANIZATIONS
3.1 Background of Myanmar Mobile Financial Services 15
3.2 Development of Myanmar Mobile Financial Services 17
3.3 Profile and Functions of Selected Mobile Financial 17
Services
3.4 Different Services of OK$ and Wave Money 22
CHAPTER 4 ANALYSIS OF ADOPTION ON MOIBILE WALLET AND
MOBILE PAYMENT SERVICES IN MYANMAR
4.1 Research Design 24
4.2 Demographic Characteristic of the Respondent 25
iii
4.3 Analysis of Mobile Wallet Service Usage 29
4.4 Analysis of Influencing factor on Mobile Wallet 33
CHAPTER 5 CONCLUSION
5.1 Finding 37
5.2 Suggestion 38
5.3 Limitation and Need for Future Research 39
REFERENCES
iv
LIST OF TABLES
Table No. Description Pages
4.1 Number of Respondents by Gender 25
4.2 Number of Respondents by Age Group 26
4.3 Number of Respondents by Education 26
4.4 Number of Respondents by Occupation 27
4.5 Number of Respondents by Income Level 28
4.6 Types of Bank Account Usage by Respondents 28
4.7 Banking Services Channel Usage by Respondents 29
4.8 Mostly Used Mobile Wallet by Customer 30
4.9 Most Commonly Used Feature of Mobile Wallet 30
4.10 Duration of the Usage the Mobile Wallet 31
4.11 Frequency of the Usage of Mobile Wallet 32
4.12 Reason of the Use of Mobile Wallet 32
4.13 Perceived Ease of Use 33
4.14 Perceived Usefulness 34
4.15 Attitude to Use Mobile Wallet 35
v
LIST OF FIGURES
Table No. Description Pages
2.1 Types of mobile payments made using from mobile wallet in 2017 9
2.2 Framework of the Technology Acceptance Model 12
3.1 Financial Transaction Limited by Central Bank of Myanmar 16
vi
LIST OF ABBREVIATIONS
ATM Automatic Teller Machine

APAC Asia Pacific
AML Anti-Money Laundering
CBM Central Bank of Myanmar
CDD Customer Due Diligence
CFT Combating Money Laundering
CDMA Code-Division Multiple Access
DTH Direct To Home
GSMA Global System for Mobile Communication
KYC Key Your Customer
MFS Mobile Financial Services
MPT Myanmar Posts and Telecommunications
NFC Near Field Communication
NRC National Registration Card
OTT One Time Ticket
P2P Person to Person
POS Point of Sales
QRC Quick Response Code
SE Secure Element
SME Small and Medium Enterprises
TAM Technology Acceptance Model
UTAUT Unified Theory of Acceptance and Use of Technology
3G Third Generation of Wireless Mobile
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CHAPTER 1
INTRODUCTION
Mobile Payment is about the combination of financial services and information
technology. Banks and other financial institutions can be delivered customer services and
other core services such as remittances and funds transferring through the internet rather
than by physically investing the bank premises (Cheung & Lee, 2006). Increasing
knowledge of internet technology has been compelling consumers to use fast and efficient
ways of banking rather than traditional fixed services. (Chang & Hamid, 2010) defined
mobile wallet as the process that customers can complete banking transaction without
going to the banks physically.
Smart phones are started as the important one in the daily lifestyle because of their
developing technology and advance. Originally, mobile phones were intended only to
make voice calls and send text message. Today, mobile phones have many functions so
far that they can provide a wide range of services such as email, social media interface.
Moreover,mobile users can make payment for goods and services by using a personal
mobile device as the transaction terminal and it can manage their financial from mobile
wallet.
Recently, different models of mobile wallet have emerged all around the world
and increased of mobile payments. Currently, they try to take advantage of the repaid
development of mobile phones functionalities, of the large diffusion of this kind of
terminals in all countries and generations of consumers, and of their easy use- at every
hour of the day – inside and outside the areas of Internet access. Two contrasting uses of
mobile payments command attention: cashless payments and mobile transfer payments.
For the cashless payments, the mobile phone is far more efficient that electronic purse: it
saves transaction costs for users and investment costs in specific terminals for
shopkeepers. For mobile transfer payments, mobile wallet offers services without any
need of ATM, banking branch.
In 2013, Myanmar has experienced a dramatic shift in mobile network coverage

and affordability. By the end of 2016, 3G mobile coverage was available to 90 percent of
the population out of 51 million mobile connections. The three current Myanmar MNOs
are Myanmar Post and Telecom (Joint Operations with Japanese firms), Telenor from
Norway, and Ooredoo from Qatar. A fourth Operator, Mytel, a joint venture between
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Viettel of Vietnam and Myanmar firms, was licensed in January 2017. The Central Bank
of Myanmar gave permission to apply technology in mobile financial services not only
the banking sector but also the other sectors like telecommunications and organizations
related with financial services.
In March 2016, the Central Bank of Myanmar issued Mobile Financial Service
License (MFS) to non-bank entities. Now, mobile payment providers can digitally
connect the un-banked in Myanmar and the CBM boosts the financial culture of
Myanmar by changing shift from cash-based to digital economies in the country.
In this thesis, the business network theory applied to study how interaction takes place
within the current development of Mobile Wallets, which are becoming the base of the
mobile payments industry.
1.1 Rationale of the Study
In Asia, mobile payments are growing rapidly, fueled by increasing smartphone

ownership and improving access to the internet. There have six strong countries in using
mobile payments in Asia, they are China, Japan, India, Singapore, Indonesia and
Malaysia.
Myanmar financial sectors is normally influenced by the cash economy and most
of the traditional bank services users face several issues like long queue and huge crowd
in the banking hall for cash withdraw and deposit. Myanmar’s financial service sector is
the last developed in Southeast Asia and apart from 20 percent of the population,
Myanmar is more preferably on using cash based economy (Frontier, 2016).
The residents have the fear to change from cash based economy to online based
financial services so the licensed organizations introduce easy features in the application
they operated.Main aim of using mobile wallet system for the users to perform financial
activities at home via internet individually.
Mobile financial services license organization that got licenses from Central Bank
of Myanmar are also trying to upgrade and fulfill customers’ requirements to solve daily
financial management via mobiles. Such activities include the Utility bill payment, phone
bill top-up, P2P paymentsand Agent banking, etc. Mobile wallet is the solution for
creating convenience financial services directly to customer. The aims of the thesis are to
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provide knowledge about mobile financial services for both urban and rural, to manage
both transfers and payments not only in nations but also in internationals and the last is to
reduce inflation by using mobile wallets.
1.2 Objectives of The Study
The objectives of the Study are as follows:
1. To identify the users’ changes in using mobile wallet and services by applying
modernized tools
2. To study the functions and procedures of mobile wallet and mobile payment
services
1.3 Scope and Methods of the Study
To identify and analyze the attitude changes in Myanmar, this study is focusing on
the customers’ changes of using from traditional ways to using online based wallet
services. Scope of the study is collected from the 120 customers who are now the active
customers of the selected Mobile Financial Services license organizations which are OK$
and Wave Money in Myanmar. Descriptive method used in this research. Quantitative
and Qualitative analysis applied in this research.
The study employs primary data as well as secondary data. Secondary data was
collected from different published sources; reports, research papers, articles and news
from Internet, Information from Central Bank of Myanmar and Mobile Financial Services
license organization. Primary data was collected by structured survey. The survey was
created and sent to the respondents who are users of OK$ and Wave Money using quota
sampling. The respondents, who were approached email and by hand, were 120.
1.4 Organization of The Study
The research is compromised with the five chapters. Chapter 1 introduced the
research background and the rationale for research. The objectives and aim are also being
included in the Chapter1 by providing an overview of the academic and managerial
contributions of the study. Chapter 2 provides review the literature relevant to Mobile
Wallet and customers’ perception. Chapter 3 identifies the services of mobile banking
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provided by selected licensed organizations. Chapter 4 describes the analysis of
perception of mobile banking based on the results of the questionnaire. Chapter 5 is the
concluding chapter in which summary of finding are first presented and then conclusion
drawn, relevant suggestions and need for further research are finally made.
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CHAPTER 2
THEORETICAL BACKGROUND
In this chapter, the study is described in the following about the role of mobile
wallet, its history and mobile payment services provided for user behavior intention to
use, trust and security of mobile payment serviceand customer adoption process of
theoretical background.These things are influencing factors on using mobile wallet.
2.1 Definition of Mobile Wallet
Mobile wallet is developed from a concept called “Digital Wallet”. It dated back
in 1996 when the founder of Digital Wallet, Sam Pitroda, who filed the patent in the
United Sates (Sam Pitroda Patents). He “professed that digital wallet would consist of a
liquid crystal display no much bigger than a regular plastic card, which preferably a
touch-sensitive screen and simple user interface that lets the user flip through the digital
wallet in the same manner he/she flips through a leather wallet’. (Pitroda S., Desai
M.,2010). So far, there has not been yet a proper definition for the world “Mobile Wallet”
written by specific scholars. The mobile wallet was defined as “a software application on
a mobile handset that function as a digital container for payment cards, tickets, loyalty
cards, receipts, vouchers and other items that might be found in a conventional wallet
(GSMA,2012). The mobile wallet enables the user to manage a broad portfolio of mobile
NFC [Near Field Communication] services from many different companies” (GSMA,
2012). In other words, mobile wallet is “formed when your smartphone functions as a
leather wallet; it can have digital coupons, digital money (transaction), digital cards, and
digital receipts, etc. all in your smartphone.
Mobile wallet is a virtual wallet that store payment card information on a mobile
device. Mobile wallets are a convenient way for a user to make in-store payments and can
be used at merchants listed with the mobile wallet service provider. The business-
consumer relationship is swiftly becoming digital. Mobile wallet services changed from
e-commerce, businesses are transforming the way they operate to meet the ever-changing
needs of their clients and increasing use of mobile phones and devices. Companies in the
financial sector are emerging that offer digital platforms and solutions and recognized as
members of the Fintech sector. These emerging companies create disruptive tools and
services that are easily accessible at a low cost. One area of the financial industry that is
5
rife with innovations is the payments sector. Using mobile technology such as
smartphones, tablets, companies and users are adapting to online and offline transactions
using devices such as mobile wallet.
2.2 History of Mobile Wallet in International
Mobile payment adoption has been varied across markets owing to the differences
in their economies, regulations and banking infrastructure. Geographically, Asia Pacific
(APAC) was the first one to adopt mobile payment, due to the existence of a large,
unbanked, economy, followed by Europe and North America. Though the early mobile
transactions are recorded in the late 1990, the first patent that defined “mobile payment
system” was filed in 2000. In 1997, Coca Cola introduce a few vending machines in
Helsinki that allowed customer to buy their drink through text message. Although small,
this innovative use case is still regarded as the first example of mobile wallet and
introduced the idea of using mobile devices for transactions. In 1999, PayPal was
launched as a money transfer service and it followed by the emergence of mobile wallet
that were used to buy movie tickets, arrange travel, pizza, etc (Prime Index,).
In 2007, the M-PESA launched mobile payments system and microfinancing

service has widespread use in Kenya and Tanzania in Africa. M-Pesa had been grown so
quickly and it became the most successful mobile based financial service in 2010. Paytm
mobile wallet services launched in Indian for e-commerce payment system in 2010. After
that, the two biggest mobile wallet services companies are emerging in Chinese business.
The First giant Alipay get licensing regulations in 2010 for third-party payment provider
and officially founded in 2014. The second giant WeChat began as “Weixin” Wallet
name in 2011. By 2012, the number of users reached 100 million, Weixin was re-branded
“WeChat” for international market.
The major player in mobile wallets is Google and Apple. Google launched the
mobile wallet in 2011 and it is the first major company to provide a mobile wallet to
market. In 2012, Apple introduce the Apple’s Passbook, an application that targeted
boarding passes, tickets and coupons instead of actual mobile payments. After launched
Apple’s Passbook, Apple announced their new product namely Apple Pay in 2014
(Angela, Nov.2016). It was soon followed by a flood of such mobile wallet performs
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andthe prominent ones among those were Microsoft Wallet, Android Pay and Samsung
Pay as well as payment services like PayPal and Venmo.
Growing percentage of using mobile payment is much faster in emerging

economies than in developing economies because the emerging economies have a large
unbanked population and their banking services are not sure either available or
unaffordable. This exists against the backdrop of fast and widespread penetration of
smartphones across income categories, especially in fast-growing emerging economies
such as India and China. Together, they have driven the growth of the mobile payment
market in these economies. Emerging economies also have a significant number of
migrant workers, and need to transfer funds home has boosted mobile payments,
including cross-border transactions.
According to the Statista report (2018) that about of mobile payments usersin
region wide, Asia/Pacific has the largest number of mobile payment users, followed by
Africa and North America. In 2016, Asia/Pacific had 163.6 million users, while there
were 101.3 million users in Africa and 90.7 million in North America. North America
registered the largest growth during 2009-2016 (CAGR of 62.13%), followed by Europe
(35.90%) and Africa (25.37%). (Statista.com,2018)
Mobile wallet service is newly thing for everyone and it is the very first
experience for the residents who are very used to with traditional banking sector. Mobile
wallet service launched in Myanmar in 2016 and most of the user are trying to use like a
physical wallet. Most of the mobile financial service license companies are Bank
Organizations, Mobile Network Organizations in Myanmar. These organizations help the
customers to use the money in anywhere and anytime by providing the wallet application
in the mobile phones. Like buying things from websites and social media platform,
transferring payments, booking tickets, reservation hotels and others are also done with
the wallet from mobile payment. So, mobile payment is the interaction between
customers and business. In Future, mobile wallet is empowered the commerce field an
advantage of mobile payment is that customer won’t pay via cash in Myanmar.
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2.3 Services of Mobile Wallet
In developing countries, mobile payment service has been deployed as a mean of

extending financial services to the community known as the “unbanked” or
“underbanked’, which is estimated to be as much as 50% of the world’s adult persons,
according to Financial Access’ 2009 Report “Half the World is Unbanked”. The mobile
payment has attracted to bank user to get their desire data, taking loans, fund transfers,
through a financial institution conducted over any device connected to the mobile
network.
Mobile wallet is defined as a transaction method which money is transferred from

one person to another through a mobile device without intermediate. The most common
way to conduct transactions by mobile phone service is to send messages with predefined
structure to the object to be traded (Menke& de Lussanet, 2006). Payments for goods and
services are then charged to the customer’s mobile phone bill or deducted from prepaid
phone bill of prepay subscribers.
Mobile wallet is a digital form of debit card, credit card, or prepaid card
information on mobile devices used for sending or receiving payment and to do online
money transaction. Mobile wallet can provide an alternative method for physical plastic
card to make quick purchase through mobile apps. They are extremely convenient for
regular payments such as utility bill payments, groceries etc., and has gained wide
popularity in various sectors such as retail, utilities, telecom, and transportation, among
others. Many customers and expect believe that mobile wallet is secure, time saving and
convenience for user.
Mobile wallet is very similar to bank accounts wherein customers can hold the
money in any currency, that can be used later various purpose, such as payments, local or
oversea money transfers, paying utility bills, prepaid cards and so on. Customer can easily
convert the money from one currency in any currency to their intended beneficiaries, both
locally and world-wide mobile wallet services for user are check cash balance and
transaction history, deposit and withdrawal cash, payments for Utility bill, refill phone
bill, online payments for goods and services, Taxi fares payments, Other services
(transportation, loans, charity etc.).
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Figure 2.1 Types of mobile payments made using from mobile wallet in 2017
Made a mobile payment 64%
Paid a bill 49%
Purchase in-app or online 44%
Received loyalty points 26%
Sent/received money (P2P) 23%
Paid in-store 19%
Paid for parking/taxi/transit 12%
Withdrew money from ATM 6%
Paid by text message 3%
Sent money internationally 2%
0% 10% 20% 30% 40% 50% 60% 70%

Share of respondents
Source: consumer usage of mobile payment, Statista 2018
Mobile payments use varies by type of activity and with age. In the United State,
64% of the adult person are made the mobile payment transactions, 49% paid a bill and
44% purchase in application or online. A few persons made received loyalty points, P2P
transfer (sent/ received money), paid in-store, paid for parking, taxi and transit, withdraw
money from ATM, paid by text message and transfer money globally. Most of the mobile
wallet user believe that mobile payment to be secure, forgery or loss of data doesn’t occur
from keeping information during electronic payment and can possible to track
information of transaction list.
Mobile wallet is enabling Myanmar people that helps to carry out transaction at
any times and anywhere. Transactions through mobile wallet are compromised with the
account balances and lists of latest transactions, bill payment and fund transfer between
customer’s or another’s accounts. Due to the above facts and bored to use the cash-based
system, the customers would like to use mobile payments so merchants are trying to
adopt in the mobile wallet market. In terms of security, the data of the customers from
mobile device to store at Myanmar financial service security because customers’ trust is
an important issue in the mobile service system. So, MFS license companies are used
biometric mechanism for minimizing the risk.
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2.4 Mobile Wallet Technology
Mobile wallets are composed of both mobile device and mobile wallet systems.
There is dedicated mobile wallet device which is called the biometric wallet. (David,
2013). All the major mobile platform developer, such as Apple, Google, Microsoft, and
BlackBerry have supported Bluetooth for the last several (Andrew, 2016). Presently there
have further explorations for smartphones with NFC digital wallet capabilities, such as
Samsung series and Google Nexus smart phone utilizing Google’s Android operating
system and Apple’s device utilizing Apple Pay.
Nowadays, the technologies of Mobile Wallets are used One Time Ticket (OTT),
Quick Response Code (QRC), Near Field Communication (NFC) and Secure Element
(SE). One Time Ticket is an open one-time code sent to the receiver, where only the
client or receiver is required to authenticate a transaction (Accumulate AB, 2004). Quick
Response Code (QRC)- A two-dimensional bar code that downloads a web page to into
the consumer’s smartphone when photographed with a mobile tagging app in the phone
(Swedbank AB, 2012). Near Field Communication (NFC) controller and antenna – it is a
wireless technology that enables mobile devices to securely send the consumer’s account
information at the POS terminal at the merchant. The tags associated with consumer
products which are kept at the billing counter are read through contactless technology
(First Data, 2012). Secure elements (SE)- A secure smart card chip which stores and
enable account information handling and it is completely different with the phone
memory card. The information present in the secure element is protected by layers of
security (First Data, 2012). Mobile application provides the users interface for the
consumer to manage accounts and initiate payments from the wallet app in the mobile
device (First Data, 2012).
Apple Pay, Android Pay, Samsung Pay and Capital One Financial institution
wallet are used Near Field Communication (NFC). WeChat Wallet, Starbucks mobile
payment, Chase Pay and Walmart Pay are used Quick Response Code (QRC). Alipay,
Paytm, PayPal, Pay with Amazon and ICIC Pockets are used Digital only and these
online payments are drawn payments from the wallets at merchants. M-Pesa, MTN
Mobile Money, Tigo, Orange Money are used Text based. SMS based payment platform
with mobile phone function both as sending device and POS terminal.
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In Myanmar emerging market, mobile money products (typically SMS-based) and
QRC based mobile wallets have demonstrated the greatest traction. For consumer
payments at the point of sale (POS), QRC are one of the quickest and most cost-effective
ways for merchants to accept electronic payments. Merchants only need to print the code
on a piece of paper. But as the merchant’s business grows, he or she may consider adding
more functionality—perhaps an POS dongle that attaches to his or her phone or,
eventually, a standalone terminal. By enabling QRC mobile payment acceptance,
payments companies can create opportunities to bring merchants into the card system.
Mobile wallet service is the most suitable one for the mobile lifestyle, offers a
convenient payment transaction method to human’s life. The ability to allow customer to
have more control over the financial situation is one attraction of mobile financial
services (Laukkanen&Lauronen, 2005), as the consumer prefers to act for himself/herself
when dealing with his/her own monetary transactions through the mobile device.
Luakkanen (2005) found that the flexibility of being able to use the service wherever and
whenever the users want enables immediate completion of banking tasks (transferring
money or paying a bill). This would save time and be perceived as convenient and
efficient. Therefore, the characteristics of the service as perceived by the user and
provided by the bank institution and service provider are important factors influencing the
usage of mobile wallet.
2.5 Technology Acceptance Model (TAM Model)
Innovation and adoption of new technologies have attracted so much attention in

various literatures, and this has generated models and theories which are believed to
affect the adoption of an innovation. The model which illustrates acceptance and adoption
of new technology is the Technology Acceptance Model (TAM).
TAM was developed by Davis (1989) to study the acceptance of technology by

different individuals. The TAM is compromised with easy to use and the usefulness of
technology and their attitude is to adopt the new technology because of their perceived
ease of application.The attitude toward adoptiondetermined the individuals’ future
decision concerning adoption of new technology. When individualscome across new
technology, a number of factors determine their decisions about how andwhen they used
it. Those factors can be age, gender, experience, and voluntariness of use
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amongindividuals (Davis, 1989). The model provides the provision to add
externalvariables as the determinants of perceived usefulness and perceived ease of use.
TAM is tailored and designed to explain how external variables likely to influence
an individual’s decision to use the new technology. The aim of this study is to
accessfactors influencing mobile financialservices in mobile wallet users. Mobile wallet
is the new technology especially in thiscontext of developing countries,TAM is
illustrating about the users developed perception of the usefulness and easy to use of
various technologies which lead to the actual usage of the technology. Hence, themodel is
useful in giving the insight on adoption of new technology.
Despite a number of criticisms on TAM, TAM still provides an important

theoretical contributiontoward understanding factors hindering the actual use of the
system. TAM describes the relationshipbetween the independent variables (perceived
usefulness and perceived ease of use) and dependentvariables (attitude, intention and
actual use). Some of the criticism and extensions of TAM includeExtended TAM known
as TAM2 (Venkatesh& Davis, 2000), UTAUT (Venkatesh& Zhang, 2010)and others.
TAM was developed by Davis (1989) to study the acceptance of technology by

different individuals. It addresses both the perceived ease of use and usefulness of
technology. The model Perceived usefulness as elaborated by Davis (1989) is the extent
to which an individual perceives the usage of particular application leads to achievement
of certain objectives.
Figure 2.2 Framework of the Technology Acceptance Model (TAM)
Source: Technology Acceptance Model by David 1989
12
For this research, Technology Acceptance Model by David1989 is directly apply
for the analysis. The literature findings have demonstrated that influencing factor on
mobile wallet and focus on the issue of perceived Usefulness, perceived ease of use and
attitude towards use.
Perceived Ease of Use
Extensive research over the past decade provides confirmation of the significant
effect that ease of use has on perceived usefulness (Agarwal & Prasad, 1999; Davis et al.,
1989; Hu, Chau, Sheng & Tam, 1999; Venkatesh, 1999,2000; Venkatesh& Davis, 1996,
2000; Venkatesh& Morris, 2000). Mobile banking systems must be both easy to learn and
easy to use in order to prevent the using of mobile wallet system. In this study, it is
argued that the mobile wallet ease of use is one of the motivating factors of perceived
usefulness of mobile wallet.
Perceived Usefulness
According to the TAM, perceived usefulness is the degree to which a person

believes that using a particular system would enhance his or her job performance (Davis,
1989). Perceived usefulness is defined as the extent to which an individual believes that
he or she would benefit from using mobile wallet. The importance of perceived
usefulness has been widely recognized in the field of mobile wallet services (Bhatti,
2007; Guriting&Ndubisi, 2006; Kim, Chan & Gupta, 2007; Laforet& Li, 2005; Liao &
Cheung, 2002; Polatoglu&Ekin, 2001). Previous research has consistently argued that
there is a positive relationship between perceived usefulness of mobile wallet, intention
and attitude toward mobile wallet and mobile wallet usage (Bhatti, 2007; Davis et al.,
1989; Kim et al., 2007; Pavlou, 2003; Venkatesh, 2000; Venkatesh& Davis, 1996,
Venkatesh& Morris, 2000). For example, Chau and Lai’s (2003) examined the
contributing factors towards the consumer’s adoption of internet banking and determined
that perceived usefulness was found as an important factor in fostering a positive attitude
towards accepting the mobile wallet services. Also, within mobile wallet literature, a
significant positive relationship between perceived usefulness of mobile wallet and the
usage of mobile wallet is found (e.g., Davis, 1989; Davis et al., 1989; Gefen, Karahanna&
Straub, 2003; Venkatesh& Morris, 2000). People evaluate the consequences of their
attitude in terms of perceived usefulness and their attitude are based on the attractiveness
of the perceived usefulness.
13
Attitude towardsthe use of Mobile Wallet
Attitude towardsthe use of mobile wallet has received considerable attention

within the consumer behavior literature. It has been found that attitudes and intention
towards the use of mobile wallet were both influenced by customer's perceived
usefulness. The concept of attitude towards behavior seems to play an important role in
predicting and understanding consumer intention and behavior (usage of mobile banking)
(Ajzen, 1991, 2002, 2005; Alsamydai, Yousif, & Al-Qirem, 2013; Bansal & Taylor,
1999; Smith et al., 2008; Pavlou, 2003). Indeed, consumer attitudes towards mobile
wallet are an important indicator of customer intention and usage of mobile wallet
services. Therefore, in this study we propose that customer's attitude towards mobile
wallet significantly affects their intention towards mobile banking and the usage of this
service.
14
CHAPTER 3
BACKGROUND OF MYANMAR MOBILE FINANCIAL SERVICES

INDUSTRY AND SELECTED LICENSED-ORGANIZATIONS
In this chapter, the study is described about the mobile financial services provided
by MFS licensed-organizations. Before presenting about the nature of MFSlicensed-
organizations, this study focusesmobile financial services and the organization structure
of OK$ Co., Ltd as well as Wave Money Co.,Ltd which is the licensed-organization from
CBM for doing financial services.
3.1 Backgroundof Myanmar Mobile Financial Services
The Central Bank of Myanmar issued a Mobile Banking Directive in December

2013 that established a bank-led model for the provision of mobile banking services.In
March 2016, the CBM released the regulation for Mobile Financial Services and the
regulation is about the expanding of Myanmar financial services sector to give permission
to do these services to non-bank entities such as MNOs and third parties. MFS regulations
requires the MNOs or any non-bank entities to first set up a dedicated entity as an MFS
provider. MFS regulations support a tiered “know your customer” (KYC) policy which
makes it far easier for anyone to open an account.
In January 2017, the Central Bank of Myanmar cancelled all restrictions on doing
financial services and then the CBM is welcoming all international payment companies in
the market for restraining from controlling the market by local firms. With the aim of
dramatically changing from cash-based to digital economies within the country, CBM
gave the opportunities for all international payment providers can connect the un-banked
in Myanmar.
In 2018, the four non-bank organizationsespecially Mobile Network Organization

(MNO) and eight bank organizations are createdmobile wallet and mobile payment
service players in Myanmar. Wave Money, M Pite San, MPT Pay and OK$ are provided
by non-bank organization and My Kyats, Easy Mobile, CB Pay, 663, MAB, AGD Pay, K
Pay and On Go mobile wallets are provided by Bank organizations.
Mobile Financial Service License companies are needed to follow the CBM rules
and regulation, especially transaction limits and Know Your Customer and Customer Due
15
Diligence (KYC/CDD). For the purpose of AML/CFT requirements, MFS accounts are
categorized into three levels- Level 1 and Level 2 for individuals and Level 3 for
registration. KYC/CDD requirements are required and proper record keeping is necessary
for all account opening. The cumulative transaction limits and maximum balance limits
can vary from time to time by the Central Bank.
Figure 3.1 Financial Transaction Limit by Central Bank of Myanmar
Maximum
KYC(Require One Day One Month
Rank Balance
Document) Transaction Transaction
Limit
NRC (first Priority)

Level -1 or Driving license
50,000 1,250,000 200,000
For Personal (Second Priority) or
Passport
Sim Card
Registration (or)
Level -2 NRC (first Priority)
500,000 1,250,000 1,000,000
For Personal or Driving license
(Second Priority) or
Passport
Business
Level -3 Registration No.,
1,000,000 25,000,000 10,000,000
For Personal Account No., Other
Documents
Source: CBM Instruction for Mobile Wallet dated on 30th November 2017
Mobile Financial Service License companies are implemented mobile financial

services that are able to provide interoperable services with other MFS License
companies at various level of interoperability. This is the suitable to make demands
including at agents, customer or mobile platform level. Some commercial bankswere
applied MFS service to Central Bank and they followed the provision of these regulations
as they do not conflict with the Financial Institutions Law. Non-compliance of these
regulations shall constitute and offence under the Financial Institutions Law,2016.
16
3.2 Development of Myanmar Mobile Financial Services
In Myanmar financial system remains largely dominated by bank., the non-bank

and fin-tech sector is on route to growth and likely be playing a key role in the country’s
modernization push.
The key players of mobile financial services are Banks, MNOs, Regulators,
Payment Service Providers and Agents/Retail Networks. Banks offer banking services
and hold float or account in customers’ names.Banks provide the services such as full
banking relationships and promote the usage of new banking channels with new clients.
(SME, corporate clients). MNOs provide infrastructure and communications services and
acquire clients, super agents. Agents provide cash-in, cash-out and account opening
functions and support customer services, sales and marketing. Payment service provider
(PSPs) provide payment infrastructure and IT platforms. Regulators provide enabling
environment and protect stability of financial system. Regulators are encouraged and
protect behavior change.
Mobile Wallets allow the customer to perform the Utility bill payment, Wages
disbursement, B2B supply chain payments, Mobile commerce, Retailer and Agent
banking. Mobile Wallet can conduct banking transaction from the home 24 hours
comfortably. Because of this factor, mobile wallets’ customers can better manage their
financing and Corporate (or) SME customer enable specific growth opportunities with
corporate and SME clients, generating with banks to get involved and boosting overall
penetration and volume.Customer can register easily for Mobile Wallet from mobile with
NRC, License or Passport.
According to the Fintech. Singapore report, 2018, only 5 % of the Myanmar

population has a formal bank account and 2% has bank card, but Myanmar’s 95% mobile
penetration makes it fertile ground for the mobile penetration makes the fertile ground for
the mobile revaluation. The arrival of the mobile financial services and fintechs in the
past years has opened up new opportunities in the Southeast Asian Market (Fintech.sg,
2018).
3.3 Profile and Functions of Selected Mobile Financial Service Companies
This section provides the profile information of OK$ Internet Wallet Myanmar
and Wave Money that are now operating and they got trust from customers.
17
(1) Profile of OK$ Internet Wallet Myanmar Company
OK$ Internet Wallet Myanmar Limited is based in Myanmar Country and

developed OK$ 2016 for fast-growing Myanmar Market. It becomes fastest growing
Mobile Payment enterprise in Myanmar. OK$ is mobile payment and mobile wallet that
run fast, secure and safe and it is very easy to use as digital money. And then, OK$ can be
used 24 hours and 7 days of the whole week and OK$ has accounting function for your
expenditures. OK$ is new mobile payment application Generation Era for paying money
and receiving money better than handling cash.Technology is from the United States of
America as Fintech Technology, OK$ Fintech is a leading provider in application of
outsourcing services for the banking and financial services industry. Global financial
institutions have collaborated with OK$ Fintech to create the innovative banking
technology needed to compete in today’s global market. OK$ Fintech team of financial
technology professionals, combined with our global delivery model, ensures that our
banking and investment software products are of the highest quality, with thelowest
possible cost and risk. (OK$, 2017)(OK$ Fintech, 2017)
OK$Internet Wallet Myanmar Limited was founded in January 2017 which was
developed by OK$ Mobile Payment, on the other hands, Mobile Wallet to Myanmar
People as a Service.(Opencorporates, 2017). OK$ Internet Wallet Myanmar Limited is
one of the Group of companies of Consumers Good Myanmar Limited which inaugurated
in Myanmar as a company with multi-subsidiaries that manufacture and sell through our
own distribution centers to all over Myanmar reaching mass consumers base. They have
various kinds of Consumer Products such Coffee Mix, Rice, Sugar etc.Internet Wallet
Myanmar Limited has distribution branch offices in all 14 States and Regions of the
Republic of Union Of Myanmar to serve OK$ to Myanmar people as best service.(CGM,
2017)
In 2018, OK$ has around 1,000,000 mobile wallet users including 200,000
merchant users and 6,000 agent users in all over the Myanmar within 3 years. OK$ wallet
user can make cash in and cash out transaction from their CGM Office (Main Office),
One Stop Mart, OK$ agent shops, Post offices and some banks.
During this year, OK$ Internet Wallet Myanmar create OK TAXI service and Go
Auto ticket mobile applications. OK TAXI services provide transportations for people
18
and Go Auto ticket service provide the bus ticket, train ticket and movie ticket, etc. OK
TAXI and GO Auto ticket wallet user can pay the charges from OK$ wallet.
Functions of OK$ Mobile Wallet Services
OK$ mobile wallet services aim to unique convenience when customer use. And
the main function of OK$ is secure and convenient money transaction, payment gateway
(direct pay) and other additional services like phone top up, billing, Bus Ticket, Air
Ticket and Digital Gift Card, movie tickets, share bill with friend, buy commodities, shop
online and do much more.
OK$ offers the customers with lower service price and provide value added
services. In the first year of using their app to do financial services, OK$ won’t be
charged the fees of transferring. After one year of using, they charge about 50% like other
mobile banking charges based on the customers’ using services from the OK$ mobile
app. And then, OK$ create agent network in the most populated cities and states in the
whole Myanmar. OK$ always seek to give the best offers to the customers and to meet
the customers’ satisfactions.
OK$ arranges to include multi functions in their mobile wallet and prepare to use
more conveniently for the customers. However, most of the users prefer to use mobile
top-up and meter bill because OK$ always give discount for mobile top-up and free of
Charge for meter bill payment. They maintain and attract their consumers by promoting
discount program and promotion program to pursue for using mobile wallet with the aim
of growing financial knowledge in Myanmar.
The following features are general internet banking services provided by OK$ wallet.
1. Account Register
2. Cashless Payment
3. Balance Inquiry
4. Bus Ticket Fees Payment
5. Cash In/ Cash Out from Bank Account
6. Gift Card
7. Cash In/ Cash Our at Agent
8. Bill Payment
9. Merchant Payment
19
10. Phone bill top-up
11. Request Money
12. Promotion
13. Agent Location
Eligible individuals can do self-registration via online. There is no registration

fees for mobile wallet account creation process. The cashless payments features can allow
the fast and easy payment cash using QRC scan at merchant and agents shop. Balance
inquiry which can check account balance, transaction history and account details. Bus
Ticket payment feature allows to customer to pay for Entrance Parking, Fuel, Restaurant,
Hotel, Shop, Supermarket, Ferry, Train, Bus, Intercity Bus, Flight etc. Customer can
choose the respective merchant and make a simple payment.OK$ mobile wallet user can
make use of cash in/ cash out feature that allows to deposit or withdrawal from bank
account through OK$ mobile wallet. Customer can choose the respective bank name,
bank address, branch, bank account number and transferred to the bank account. Gift
Card features allows customers enabling to purchase the dedicated e-pin from US Google
Play Store Credits, US iTunes Store Credits, US Steam Credits, Viber Out Credits and
Easy Points Credits. Meter bill payment feature allows customer to pay Electricity Bill or
Telephone or DTH bill online. Cash In/Cash Out from Agents feature allows customer
send or receive money at their nearest agent shop. Customer no need to queue and can
pay easily from their mobile.Phone bill top-up features allows to customer to top-up for
Ooredoo, MPT, Telenor, Mectel, Mytelboth GSM and CDMA. OK$ mobile wallet user
can use request money option when they need to make a very urgent payment. Customer
can request money from OK$ mobile user friend easily. Customer simply click Promotion
option and get promotions from a list of merchants who have promotions. OK$ mobile
wallet user can know any promotions information. Agent Location feature can allow
customer to know nearest agent shop in region.
(2) Profile of Wave Money Company Information
Wave Money was the first company in Myanmar to receive MFS license from the
Central Bank and has been in operation since 2016. Wave Money is a joint venture
between Telenor and Yoma Bank to provide accessible, safe and convenient mobile
financial services via a nationwide agent network or via a wave account on phone.
Telenor Group is one of the world’s major mobile operators with 192 million mobile
20
subscriptions across 13 countries. Yoma Bank is an innovative and leading private bank,
operating since 1993, with more than 3,000 employees and 63 branches across Myanmar.
Wave Money has Vision that empower Myanmar people with the freedom
to manage their money the way they most prefer. Wave Money has Mission that provide
reliable, simple, affordable, and trustworthy financial services which can be conveniently
accessed via mobile phones and our extensive agent network. Wave Money promises to
customers that Wave Money allows customer to transfer money quickly, safely and
conveniently throughout Myanmar, freeing you from the hassles and worries of
traditional methods.
In 2018, Wave Money has around 1,300,000 mobile wallet users and operate with
over 24,000 wave shops cross in all over the Myanmar. Wave Money provides easy, fast
and reliable mobile financial services through a nationwide agent network. Wave Money
introduce a unique way of transferring money, brining millions of people in Myanmar
access to formal financial services. Thousands of people can transfer money via Wave
Money mobile wallet and the agents anywhere at any times. The Wave Money arranges
the 24/7 call center which the customers can call and can complain the errors all day long.
(wave Money, 2018).
Functions of Wave Money Mobile Wallet Services
Wave Money wallet is an innovative way to transfer money. Wave Money wallet
user can transfer money anywhere anytime. Wave Money wallet user can transfer money
safely through their mobile phone or from one neighborhood Wave Shop agents. Wave
Money offers customer instant, safe and convenient way of sending and receiving money,
bringing financial inclusion to all.
The following features are general internet banking services provided by Wave Money.
1. Account Registration
2. Pay
3. History
4. Cash In
5. Wave Account Balance
6. Mobile Top-up
7. Bill
8. Donation
21
9. Bus Ticket Payment
Everyone can available registration by themselves via online. There are no fees
for account registration. Pay function allows customer to send money from Wave
Account to Wave account and non-account holder (NRC, phone number) using phone
anywhere, anytime. All transactions are secured by secret pin number. History feature
allows to customer check their account balance. Wave wallet user can visit any of the
thousands of Wave Money shops to Cash-in into Wave Account with Wave account
number or receiver’s mobile phone number. Confirmation message sent one transaction is
completed. And then, cash in feature allows customer to transfer money from some
mobile wallet by banks (Yoma, CB, KBZ). Mobile top-up function allows to customer
top-up their phone easily. Donation feature allows to customer make donate some charity
firm on mobile wallet. Bus ticket payment feature allow to customer pay for bus ticket
that no need to go bus station.
3.4 Different Services of OK$ and Wave Money
OK$ mobile wallet is digital money-transfer operator, which is owned by the

marketing arm of a conglomerate rather than by bank or telecom. OK$ mobile wallet
service is unique and it in high technology export from Myanmar which is based on the
technology of USA. OK$ customer can make every payment only through smart phone
such as mobile top up, intercity bus payment, ticket, transfer to bank account, bill
payment, government taxes and it is available in the whole country via application
without going anywhere. And it can do 24 hours and it is fast, safe, convenient and secure
for users. OK$ approach with promotion for top-up users, billing users, as extra bonus or
cash back. OK$ aims to attract the consumers by offering whenever consumers using
mobile top-up by OK$ then can get extra bonus or cash back.
Wave Money, a money transfer operator in Myanmar with a nationwide retail

reach, is extending its business into billing payments and other services for business.
Wave Money launched as an over-the-counter service in which people could visit agent,
usually at a Telenor outlet, and send money quickly and cheaply to anyone else in the
country, with the cash being able to be collected via another agent. Mobile money
transfers followed, with Telenor customers first to gain access to the service. Wave
Money is trying to get basis KYC information from other telco operators’ customers and
22
expand user network in Myanmar. Wave Money generate revenue through small fees for
taking cash out of the network, as well as by reselling phone top-up for Telenor. Wave
Money wants to become a broader financial services company (DIGFIN, 2017)
OK$ and Wave Money are the pioneers for money transfer in Myanmar and is
now settled as a top-of-mind brand in the country. They create their mobile wallet is easy
to use and stylish. The verification process via SMS goes on automatically and you can
quickly navigate through the app. They help to people change from cash base to card and
banking base to mobile payment system base that is secure, safe a convincing payment.
23
CHAPTER 4
ANALYSIS OF ADOPTION ON MOBILE WALLET AND MOBILE
PAYMENT SERVICES IN MYANMAR
This Chapter analyses the attitude changes of customers in using Mobile Wallet
and Mobile Payment services provided by selected Mobile Financial Services licensed
organization based on their response to questionnaires which designed to explore their
adoption. The study is chosen 120 respondents who are users of selected local mobile
financial services organization (OK$ and Wave Money) are interviewed by using the
structured questionnaires attached in Appendix.
4.1 Research Design
This study analyzed the customer adoption on mobile wallet and mobile payment
services and identifies the factor affecting the usage of mobile wallet services in
Myanmar. Moreover, the study is also focusing on the changes of customer attitudes in
using mobile wallet services despite of the traditional ways. To know the detail reasons
and procedures, the study is collected information by using quota sampling method.
To support this study, the required information was collected via survey. As a
survey instrument, a structured questionnaire was used. The questionnaires instrument
includes three sections. First section is compromised with the respondents’ demographic
characteristics such as gender, age, marital status, occupation, income and education level
and average monthly income. The second section included the customer thoughts and
using attitudes about mobile wallet. In the last section is concerned with the main
effective factors of mobile wallets such as perceived ease of use, perceived usefulness and
attitude to use of mobile wallets.
As a sampling method, the quota sampling was employed in this study which used
in this research paper to approach the respondents and collect the data on time and also to
avoid low response rate. In the process of sampling, the 120 questionnaires are distributed
by hand and email to customer and enough time given to respondents to fill the
questionnaire to reduce the error.
After receiving the raw data from 120 respondents, the study evaluated the
investigated information based on the data got from respondents. Statistical Package for
24
Social Science (SPSS) version 22 is used to analyze the data through statistical instrument
for this research particularly, descriptive analysis. Finally, these analyses are discussed in
term of customer attitude towards the use of mobile wallet in Myanmar.
4.2 Demographic Characteristics of the Respondents
This is important to study the demographic characteristic such as gender,

education background, age, Occupation, monthly incomeand types of bank account of the
bank customers. This section is provided data of demographic information from the
questionnaires which is interpreted and summarized in frequency distribution and
percentage distribution. The analysis of respondents’ demographic data is illustrated in
pie chart for graphical display.
(a) Number of Respondents by Gender
The respondents are not only males, but also females. Table (4.1)show the gender
of respondents.
Table 4.1 Number of Respondents by Gender
Gender Number of Respondents Percentages
Male 58 48.3
Female 62 51.7
Total 120 100.0
Source: Survey Data, 2018

As shown in Table (4.1), the sample consists of 58(48.3%) males and 62(51.7%)
females. At the time of survey, female users are slightly higher in using mobile wallets
than male users. According to the survey, both genders show female are more use mobile
wallet services than male.
(b) Number of Respondent by Age Group
Age distributions of the respondents have effect on influencing factor to use

mobile wallet services. Age of respondent are divided by four categories. They are
25
between 18 and 25 years, between 26 to 35 years, between 36 to 50 years and above 50
years. Table (4.2)respectively show the frequency distribution of age in year.
Table 4.2 Number of Respondents by Age Group
Age (in year) Number of Respondents Percentage
18-25 12 10.0
26-35 83 69.2
36-50 23 19.2
Above 50 2 1.7
Total 120 100.0
According to the observation, 83 respondents fall in the age group between 26 and
35 years, followed by 23 respondents fall between 36 and 50 years, 12 respondents fall
between 18 and 25 years, 2 respondents fall 50 years and above, respectively. In terms of
percentage share the age group between 26 and 33 years has highest percentage share
with 69.2% and the age group 50 years and above has lowest percentage share with 1.7%.
Most of the respondents for the question is between 26-35 years old so it means that most
employee have more interest in using in mobile wallets than other ages. Therefore, about
69% respondent prefer to use mobile wallet service that is the highest percentage who has
age limit between 26 and 35 years are more aware to use mobile wallet.
(c ) Number of Respondents by Educational Status
The study compromised with three main sections for this questionnaire.There are
three categories for educational status in questionnaire: Undergraduate, Graduate,
Master/PhD. These are expressed in Table (4.3).
Table 4.3 Number of Respondents by Education
Education Status Number of Respondents Percentage
Undergraduate 3 2.5
Graduate 76 63.3
Master/PhD 41 34.2
Total 120 100.0

26
According to Table (4.3), Since the study conducted with 120 respondents,
between them 63% of the respondents are graduated persons, 34% of the respondents got
master degree and PhD holders and remaining 2.5% of the respondent are bachelor
students in university. From all respondent’s maximum number of respondents (63%) are
graduated persons.
(d) Number of Respondents by Occupational Status
Basically, the occupational statuses are classified by four types which are student,
government staff, company staff and self-employed person. In this study, the occupational
statuses of sample customers are found in Table (4.4).
Table (4.4) Number of Respondents by Occupation
Occupation Number of Respondents Percentage
Student 6 5.0
Government Staff 17 14.2
Company Staff 81 67.5
Self employed 16 13.3
Total 120 100.0
From Table (4.4), 67.5 percent of the sampled customers are company staffs who
prefer to use mobile wallet service that is the highest percentage of using mobile wallet
and follow 14 percent are government staff, 13.3 percent are self-employed and
remaining 5 percent are student. The majority of customer is company staffs.
(e) Number of Respondentby Income Level
Income is one of the important and sensitive demographic variables. This group is
classified by five categories, according to survey on the basic Income level and found the
most of mobile wallet’s customer are having income amount between MMK 300,001-
500,000 and MMK 500,001- 1000,000 per month and which is contributed to about 32%
of the total. In other words, if can also that most of customers are between MMK
300,001- 500,000 and MMK 500,001- 1000,000 income status.
27
Table 4.5 Number of Respondent by Income Level
Income Level (MMK) Number of respondents Percentage
Below 100,000 1 0.8

100,001-300,000 14 11.7
300,001-500,000 39 32.5
500,001-1000,000 38 31.7
Above 1000,000 28 23.3
Total 120 100.0
(f) Number of Respondent by Types of Bank Account
There are three types of bank account of respondents mostly used banking
services in Myanmar. The mobile wallet customers are used Saving account, Current
account and Card account. Table (4.6) show the respondent most commonly use bank
account on the survey result.
Table 4.6Number of Respondent by Types of Bank Account
Types of Bank Account Number of Respondent Percentage
Saving Account 66 55.0
Current Account 12 10.0
Card Account 42 35.0
Total 120 100.0

According to Table (4.6), it can be found that 66 customers out of sample 120 use
the saving account with 55% of the total sample. The 42 customers out of sample 120 use
the card account with 35% and the 12 customers out of sample 120 use the current of the
total sample. Therefore, 55% respondents mostly use saving account.
28
(g ) Number of Respondent by Banking Services Channel Usage
There are four channels of respondents mostly used banking services in Myanmar.
They are branch, ATM/POS, mobile Banking/internet banking, E-commerce. Table (4.7)
show the respondent mostly use banking channel based on survey results.
Table 4.7Number of Respondent by Banking Services Channel Usage
Channel Number of Respondents Percentage
Branch 47 39.2
ATM/POS 27 22.5
Mobile Banking/Internet Banking 43 35.8
E-commerce 3 2.5
Total 120 100.0
According to Table (4.7), the 47 customers out of sample 120 use the branch
banking channel with 39.2% of the total sample. The 43 customers out of sample 120 use
the mobile banking channel with 35.8%, 27 customers out of sample 120 use the
ATM/POS channel with 22.5% and 3 customers out of sample 120 use the e-commerce
channel with 2.5%. Therefore, it can be seen that 47 respondents mostly use the branch
banking.
4.3 Analysis on the Mobile Wallet Service Usage
In this section, the study is investigated mobile wallet users’ thoughts and habits
using mobile wallet service. This section presents the most commonly use of mobile
wallet between OK$ and Wave Money, the most commonly used mobile wallet
services,duration of usage of mobile wallet, frequency of the usage of mobile wallet,
reasons using to mobile wallet in OK$ and Wave Money.
(a) Mostly Used Mobile Wallet by Customers
When asked to respondents about the mobile wallet service they are processing at
agent shop. Respondents could choose only one mobile wallet which they really used
29
most of the mobile wallet services for this question. The two mobile wallets namely OK$
and Wave Money are selected in this study. Results are shown in the following Table
(4.8).
Table 4.8 Mostly Used Mobile Wallet by Customer

Name of Mobile Wallet Number of Respondents Percentage
OK$ 58 48.3
Wave Money 62 51.7
Total 120 100.0

According to results, 48% of the respondents of total sample size are used OK$
and 52% of the respondents of total sample size are used Wave Money. As a result,
respondents are equally used OK$ and Wave Money wallet.
(b) Most commonly Used Feature of Mobile Wallet
There are many services of mobile wallet. In this study, according to respondents
answer, these services are divided by six categories. There are shown in the following
Table (4.9).
Table 4.9 Most Commonly Used Feature of Mobile Wallet
Feature Number of Respondents Percentage
Money Transfer 44 36.7
Bill Payment 10 8.3
Phone bill top-up 41 34.2
Cash In/Out 11 9.2
Cashless Payment 10 8.3
M-Commerce 4 3.3
Total 120 100.0
30
Table (4.9) show that the most frequently used transactions at the mobile wallet by
the customers. As a result, 44 respondents out of 120 sample size preferred the internet
banking in order to transfer money from one person to another person. And then, 41
respondents are using mobile wallet for phone bill top-up. The lowest amount of choosing
M-commerce (online shopping via wallet) was only 4 respondents out of 120 sample size.
Based on the figure, the study is assumed that most the respondents are more prefer of
using two main functions: transferring money from account to account and phone bill top-
up.
(c) Duration of the Usage the Mobile Wallet
The duration of the usage the mobile wallet is divided by three categories in the
questionnaire: less than 1 year, between 1 to 3 years and 3 years above. The respondent’s
duration of the usage the mobile wallet is shown in the following Table (4.10).
Table 4.10 Duration of the Usage the Mobile Wallet
Duration Number of Respondents Percentage
Less than 1 year 82 68.3

1 to 3 years 32 26.7
Above 3 years 6 5.0
Total 120 100.0
According to the Table (4.10), 68 % of the respondents had been used the wallet
under 1 year, 27% of the respondents use between 1 to 3years and only 5% of the
respondents are used the wallet 3 years and above. So, the majority of the respondents
had been used the mobile wallet within 1 year.
(d) Frequency of the Usage of Mobile Wallet
Respondent’s frequencies of the usage of mobile wallet are considered in four

categories: Several time a day, about once a day, about once a week, about once a month
and no transaction within 6 months. When the selected respondents are asked about the
frequency of the usage of mobile wallet results are shown in the following Table (4.11).
31
Table 4.11 Frequency of the Usage of Mobile Wallet
Frequent Number of Respondents Percent
Several time a day 11 9.2

about once a day 5 4.2
about once a week 46 38.3
about once a month 58 48.3
Total 120 100.0

According to theTable (4.11), 48% of respondents use the mobile wallet monthly,
39% of respondents use the mobile wallet weekly, 9% of the respondents use the mobile
wallet several time a day and the last transaction 4% of the respondents use the mobile
wallet once a time a day. Most of the respondent are use the mobile wallet monthly.
(e) Reason of the Use of Mobile Wallet
Table (4.12) are show that 120 respondents are using the mobile wallet and they
answered reason to use. Respondents were allowed to choose only one option for this
question.
Table 4.12 Reason of the Use of Mobile Wallet
Reason Frequency Percent

Ease of use 38 31.7
Time Saving 45 37.5
24hrs availability 35 29.2
Security 2 1.7
Total 120 100.0
According to the results, their reasons for using the mobile wallet services
respectively; 37% time saving, 32% ease of use, 29% make transaction 24hrs availability
and 2% be security. The main reason to use the mobile wallet services are firstly time
saving and secondly 24hrs services and ease of use.
32
4.4 Analysis of attitude towards the use of mobile wallet and mobile payment
services in Myanmar
The respondents were asked to express their degree of agreement against each
question. This question is separated three parts, which is including for Perceived Ease of
Use, Perceived Usefulness and Attitude. The results are shown in following Table (4.13).
(a) Perceived Ease of Use
Table 4.13Perceived Ease of Use
Standard
No. Statement Mean
Deviation
1. Mobile Wallet transaction procedures are simple 3.55 1.044

and straightforward.
Mobile Wallet can manage the financial functions

2. more smoothly. 3.45 1.068
Mobile Wallet service is the modernized one

3. which can handle the payments easier. 3.64 1.114
It is convenient because it eliminates the risk of

4. carrying cash. 3.69 1.143
Less cost and saving time of Mobile Wallet is

5. more comfortable for users. 3.63 1.145
Overall Mean 3.59 1.10

The Table (4.13) reflects the descriptive statistic result of Perceived Ease of Use.
The average level of agreement of Perceived Ease of Use mean is 3.59 and standard
deviation is 1.10. Among five usefulness, the acceptance range of Mobile Wallet can
manage the financial functions more smoothly is just the 3.45 percent mean and 1.068
percent standard deviation and it is the lowest percentage within five usefulness. The
second lowest is about 3.55 mean and 1.044 standard deviation about the acceptance of
the procedures of mobile wallet are simple and straightforward. The sentences from the
above table, Mobile wallet service is the modernized one which can handle the payments
easier, It is convenient because it eliminates the risk of carrying cash and Less cost and
saving time of Mobile Wallet is more comfortable for users are ranged within 3.63 to 3.69
33
mean and standard deviation is within 1.114 to 1.145 so the users are prefer to use and
can accept these are modernized, ease and reduced time consuming.
(b) Perceived Usefulness
Table 4.14 Perceived Usefulness
Standard
No. Statement Mean
Deviation
The usefulness of Mobile Wallet can be improved the

1. 3.39 1.087
financial knowledge of human beings.
Using Mobile Wallet is as safe as other channels of

2. 3.22 1.014
banking.
3. Mobile Wallet service is the useful mode of payment 3.53 1.084
Using Mobile Wallets can save the transaction

4. handling fees in performing banking transaction. 3.48 1.137
(Bank, ATM)
Using mobile wallet can reduce the time consuming to

5. 3.78 1.271
go bank
Mobile Wallet services can support the Financial

6. 3.53 1.042
industrial growth and efficiency of cash management

According to the Table (4.14), the average level of agreement of Usefulness mean
is 3.50 and 1.11. The mean value of all variable range between 3.22 to 3.78 and standard
deviation range from 1.014 to 1.271 respectively. Among six perceived usefulness, the
fifth fact, using mobile wallet can reduce the time consuming to go bank got 3.78 mean
and the standard deviation is 1.271. Because of this fact, the users agreed their times can
reduce because of the online-based services. Mobile Wallet service is the useful mode of
payment and Mobile Wallet services can support the Financial industrial growth and
efficiency of cash management have same mean which is 3.53 and the standard deviation
is 1.042 so the users are moderately accepted for the facts because they aren’t certain that
the mobile wallet services are so useful for them or not. The rest are the lowest
acceptance range according to the table because their mean is under 3.5 and the standard
34
deviation is under 1.137 so the little amount of the users agreed about the improvement of
financial knowledge, safer than other channels of banking. Therefore, it can consider that
all variables in Usefulness are as agree level.
(c ) Attitude of using Mobile Wallet
Table 4.15 Attitude of using Mobile Wallet
Standard
No. Statement Mean
Deviation
1. Using Mobile Wallet services is interested. 3.55 1.151
The convenience of using Mobile Wallet service is

2. clearer and more understandable. 3.54 1.092
Learning to use Mobile Wallet won’t be difficult for

3. 3.37 1.214
me.
Some users aren’t afraid of making mistake in the
4. 3.65 1.221
Mobile Wallet services.
The functions in the Mobile Wallet are easy to learn
5. 3.53 1.053
and understand for users.
As a user, Mobile Wallet is aimed to use also in the
6. future because of their easy and comfortable 3.68 1.224

functions.

The Table (4.15) reflects the descriptive statistic result of Perceive Ease of Use.
The average level of agreement of Attitude mean is 3.61 and 1.16. The mean value of all
variable range between 3.37 to 3.68 and standard deviation range from 1.053 to 1.221
respectively. Among the above six usefulness, the sentences: some users aren’t afraid of
making mistake in the Mobile Wallet services and as a user, Mobile Wallet is aimed to
use also in the future because of their easy and comfortable functions are ranged above
3.6 so the users are accepted that they have the willing to use the mobile wallet services
and they feel ease and safe by using the services. Some facts got moderately acceptance
from the users and the mean is within 3.53 to 3.55 and the standard deviation is between
35
1.151 to 1.053 so the users’ attitudes on the mobile wallets are interested, feels it is easy
to understand and the functions are clear. The lowest mean of the sentence: Learning to
use Mobile Wallet won’t be difficult for me has about 3.37 and the standard deviation is
1.214 so that most of the users tried to absorb quickly about the procedures of mobile
wallets and they took time about learning how to use mobile wallets. Therefore, it can
consider that all variables in Attitude to use mobile wallet are as agree level.
36
CHAPTER5
CONCLUSION
In this chapter of research, the study compromised with three main sections:
findings, suggestions and need for further research. In the first part, this study finds and
make the research from other papers, analysis and then, customers’ opinions on the
internet banking. In the second part, it includes the recommendations that are from the
results of the research findings. In the last part, the studysummarizes about the facts from
the last two part and further research.
5.1 Findings of The Study
The research is mainly focusing on the customers’ attitude on the using of mobile
wallets by local unbanked organizations in Myanmar. Firstly, the study analyzed about
the processes and procedures of mobile wallet services and the study is analyzed which
things areuseful in changing process from traditional financial services to digital financial
system as the second one.
To reach the main objectives of the research and to avoid bias of analyzing, the
study is made the required data through sample survey by collecting. The total of 120
respondents who are already being customers of OK$ and Wave Money were surveyed to
represent the customers ‘perception. Age level, gender level, education level, types of
company, income level are assumed as the demographic factors.
The mobile wallet which is the integrated and updated one and it can manage the
human beings’ daily financial management in their everyday life. First of all, the research
is mainly focused on the changing the culture and influencing factor which are so used to
in Myanmar’s people. As the study previously described, the traditional way of managing
financial services via banks are time consuming and waiting of long queue makes the
higher dissatisfaction of the customers. According to the analysis, Myanmar people is
now more prefer to use the cashless payment system than the traditional way of using
cash payment.
By reviewing on survey data regards with the customers’ attitude, the customers’
attitude level is above score 3 because of their ease of using and the mobile wallets are
more useful for everybody who is started to use or interest to use. The customers can use
mobile wallets not only for the banking functions but also for the managing daily personal
37
operations. Based on the analysis, middle age and young people are interested in using
mobile wallets and they think that the functions inside the wallet are attracted and easy to
use. Last 2 year ago, the customers are started interesting in using mobile wallet because
their features are like banks including account to account transfer, phone bill, buying
tickets online and etc. in Myanmar. Mobile wallet users are mostly interesting to use
money transfer and mobile top-up function.
By summarizing in each stage, the using percentage of mobile wallet is growing

year by year although Myanmar is the last developed in the Asian countries. And now,
three MNOs are already launched and all are trying to give better services than the others.
As the conclusion of the research, the study learned the culture of Myanmar people and
the influencing factors of using mobile wallets by the customers.
5.2 Suggestions
The critical point of using mobile wallet service is that how to attract the
customers by offering attractive promotions for the users. It is the most important part of
improving mobile wallet service in Myanmar. People in the country is needed to try
familiar with the cashless payment system which can be used in buying things, meter
bills, transferring money and etc. Mobile wallets have better features than the banking
sectors so the study is wanted to suggest that people who can use the modernized mobile
phones should try to use the mobile wallets in their daily life style.
Due to findings, the following suggestions has been proposed to the mobile
financial sector for improving the mobile wallet services in alignment with the attitudes
of respondents: the mobile wallet developers need to arrange the knowledge sharing
section of using mobile wallets, the features including in an application is also easy to
use, the advantages of using mobile wallets and etc. It is better when the study searches
more information from other people’ literature reviews and researchers. In the surveying
process, there should be prepared more comprehensive surveying questions with more
participants and more wide area focus not only the Yangon but also including other cities
which the users are staying. The research is aimed to improve the respondents’ attitudes
on using mobile wallets and to grow up the platform of improving the mobile wallets
which is the one of cashless payment systems in Myanmar than previous.
38
5.3 Limitation and Need for Further Research
The current research is only focusing on the two of the mobile wallets which are
developed in Myanmar and this study could not make analysis and surveys in depth
because of short time frame. The research is only selected 120 respondents from OK$ and
Wave Money which are the active users located in Myanmar. If this study is getting
enough time framework, the study can make more analysis like the condition of using
traditional banking sector, current condition of Myanmar financial services and using
mobile wallets.
Therefore, the research was analyzed and only focused on the attitude towards the
use of mobile wallets and also the survey is based on the attitude factors. So, the next
paper should be more focus on the life cycle of changing traditional methods of using
cash to cashless payment system in the further research.
39
Survey on Mobile Wallet Services
Personal Information
1.Gender
o Male
o Female
2.Age
o 18-25
o 26-35
o 36-50
o Above 50
3.Education Status
o Undergraduate
o Graduate
o Master/ PhD
4.Profession
o Student
o Government Staff
o Company Staff
o Self employed
5.Monthly Income
o Below MMK 100,000
o MMK 100,000 – 300,0000
o MMK 300,001 – 500,000
o MMK 500,001 – 1,000,000
o Above MMK -1,000,000
6.Which type of bank account are you currently used?

o Saving Account
o Current/ Cheques Account
o Card Account (Debit / Credit)
7.Which banking channel are you using now?

o Bank
o ATM (Cash withdrawl at ATM machine)
o Mobile Banking/ Internet Banking
o E-commerce
Part-B
8. Which Mobile Wallet do you prefer most of the time?
o OK$
o Wave Money
9.What are your purpose of using Mobile Wallet?
o Money Transfer (Person to Person )

o Bill Payment (Utility/ Entertainment Bill)
o Phone bill Top-up
o Cash In/Out (at Agent Counter)
o Cash less Payment (at Shop, Restaurant)
o M-Commerce (Online Shopping from wallet)
10.How many years have you been using for the Mobile Wallet?
o Less than 1 year

o 1-3 years
o More than 3 years
11.On average, how frequently have you used Mobile Wallet over the past 6
months?
o Several time a day

o About once a day
o About one a month
o No transaction
12.Which one in the following is encouraged you to use the Mobile Wallet service?
o Ease of use
o Time Saving
o 24hrs availability
o Security
Part C
The following set of statements indicate the Mobile Wallet Payment in terms of
usefulness, ease of use, and attitude. Please indicate your agreement or disagreement with
the statements reflecting your own perceptions about the payments through mobile wallet
on the following scale (1 = Strongly Disagree, 2 = Disagree, 3 = Neutral,
4 = Agree, 5 = Strongly Agree)
13. The usefulness of Mobile Wallet can be improved the financial knowledge of
human beings.
5 4 3 2 1
14. Using Mobile Wallet services is interested.
5 4 3 2 1
15. The convenience of using Mobile Wallet service is clearer and more
understandable.
5 4 3 2 1
16. Mobile Wallet transaction procedures are simple and straightforward.
5 4 3 2 1
17. Learning to use Mobile Wallet won’t be difficult for me.
5 4 3 2 1
18. Mobile Wallet can manage the financial functions more smoothly.
5 4 3 2 1
19. Using Mobile Wallet is as safe as other channels of banking.
5 4 3 2 1
20. Mobile Wallet service is the useful mode of payment.
5 4 3 2 1
21. Mobile Wallet service is the modernized one which can handle the payments
easier.
5 4 3 2 1
22. Using Mobile Wallets can save the transaction handling fees in performing
banking transaction. (Bank, ATM).
5 4 3 2 1
23. It is convenient because it eliminates the risk of carrying cash.
5 4 3 2 1
24. Using mobile wallet can reduce the time consuming to go banks.
5 4 3 2 1
25. Some users aren’t afraid of making mistake in the Mobile Wallet services.
5 4 3 2 1
26. The functions in the Mobile Wallet are easy to learn and understand for users.
5 4 3 2 1
27. Less cost and saving time of Mobile Wallet is more comfortable for users.
5 4 3 2 1
28. It can support the Financial industrial growth and efficiency of cash
management.
5 4 3 2 1
29. As a user, Mobile Wallet is aimed to use also in the future because of their easy
and comfortable functions.
5 4 3 2 1

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YANGON UNIVERSITY OF ECONOMICS

ATTITUDE TOWARDS THE USE OF MOBILE WALLET

A thesis submitted as a partial fulfillment of the requirements for the degree

Dr. Daw Soe Thu Ei Ei Phyu

This study is an attempt to evaluate the performance of First Private Bank

I am gratefully indebted to all teachers of programme for all their very

I must express my very profound gratitude to my school Yangon Institute of

Tin Htun Aung

MBF 4th Batch

CHAPTER II LITERATURE REVIEW

Table No. Description Page No.

Figure No. Description Page No.

Thirdly, I am thankful to express my appreciation and special thanks to employees

CHAPTER 2 THEORETICAL BACKGROUND

CHAPTER 3 BACKGROUND OF MYANMAR MOBILE FINANCIAL

Table No. Description Pages

4.1 Number of Respondents by Gender 25

4.2 Number of Respondents by Age Group 26

4.3 Number of Respondents by Education 26

4.4 Number of Respondents by Occupation 27

4.5 Number of Respondents by Income Level 28

4.6 Types of Bank Account Usage by Respondents 28

4.7 Banking Services Channel Usage by Respondents 29

4.8 Mostly Used Mobile Wallet by Customer 30

4.9 Most Commonly Used Feature of Mobile Wallet 30

4.10 Duration of the Usage the Mobile Wallet 31

4.11 Frequency of the Usage of Mobile Wallet 32

4.12 Reason of the Use of Mobile Wallet 32

4.13 Perceived Ease of Use 33

4.14 Perceived Usefulness 34

4.15 Attitude to Use Mobile Wallet 35

Table No. Description Pages

2.2 Framework of the Technology Acceptance Model 12

3.1 Financial Transaction Limited by Central Bank of Myanmar 16

ATM Automatic Teller Machine

In 2013, Myanmar has experienced a dramatic shift in mobile network coverage

1.1 Rationale of the Study

In Asia, mobile payments are growing rapidly, fueled by increasing smartphone

1.2 Objectives of The Study

The objectives of the Study are as follows:

1.3 Scope and Methods of the Study

1.4 Organization of The Study

2.1 Definition of Mobile Wallet

2.2 History of Mobile Wallet in International

In 2007, the M-PESA launched mobile payments system and microfinancing

Growing percentage of using mobile payment is much faster in emerging

In developing countries, mobile payment service has been deployed as a mean of

Mobile wallet is defined as a transaction method which money is transferred from

Made a mobile payment 64%

Paid a bill 49%

Purchase in-app or online 44%

Received loyalty points 26%

Sent/received money (P2P) 23%

Paid in-store 19%

Paid for parking/taxi/transit 12%

Withdrew money from ATM 6%

Paid by text message 3%

Sent money internationally 2%

0% 10% 20% 30% 40% 50% 60% 70%

Source: consumer usage of mobile payment, Statista 2018