Wave Money losses over 50% of its monthly active app users

17 August 2021
Wave Money losses over 50% of its monthly active app users

Myanmar’s leading mobile wallet, Wave Money, has lost over 50% of its monthly active app users, taking the count from “more than 2 million” in January to 1 million as of May 31, kr-asia.com reported.

Singapore-listed Yoma Strategic Holdings, which currently holds a 44% stake in Wave Money, said on August 11 that the fintech subsidiary has seen a month-on-month “double-digit growth rate” in transaction volume since its Wave Pay mobile app became available for public use on May 3. Wave Money facilitates bill payments, local remittances, and over-the-counter transaction services through Wave Pay.

Myanmar’s junta blocked mobile internet services on March 15. The block remained in place until late April when authorities opened access to a handful of mobile banking applications and Microsoft’s Office 365 services.