Mizzima

The Military Council’s Central Bank of Myanmar (CBM) said that the transactions made through E-commerce services such as internet banking, mobile banking, mobile pay and mobile financial services had reached 31,666 billion Kyats in 2022.

This figure rose by 47% in comparison with 2021.

The CBM announcement suggests that Currency in Circulation (CIC) in the country was reduced by the popularity of digital payments and Ecommerce services among people.

The CIC growth rate was 48% in 2021 but it declined to 29% in 2022 and 11% in 2023 up to May, the CBM announcement says.

The digital payment has been widely used among people since the end of 2020 and about 700 million mobile wallet transactions were made in 2021.

According to the data released by the World Bank, 40% of the over-15 age group in the country used digital payments in 2022 and the major digital payment service providers in the country are Wave Money and KPay.