Fastacash, a global platform enabling payments across social media and messaging networks, has made a strategic investment in Myanmar focused company, MyPAY, according to a press release from the company on 19 October.
MyPAY, which is developing a mobile payment system, also has a strategic partnership with MySQUAR, the leading local social network, with approximately 1.5 million user accounts.
Along with the investment, fastacash will also provide the technology platform to MyPAY to enable payments through social media. fastacash will also support MyPAY’s go-to-market activities, including market insights and global partnership management. Through the fastacash platform, anyone using MyPAY will be able to transfer money, and airtime with their social connections, and make payments at retail points. MyPAY will leverage MySQUAR’s user base of approximately 1.5 million user accounts. Consumers on MySQUAR will easily be able to transact with their connections on the channel and with merchants.
Mr. Vince Tallent, Chairman and Chief Executive Officer of fastacash said, “In MyPAY we have found a strong local partner. Together we will make social payments a reality – for the very first time – in one of the last large untapped markets. Building a presence in Myanmar is aligned with our strategy to be a global leader in social payments, given Myanmar’s prominence as a large domestic market and receive market for global remittances.”
Mr. Nicolas Nguyen, Chief Executive Officer of MyPAY said, “We see tremendous opportunity for both peer-to-peer and person-to-merchant payments in Myanmar. Together with fastacash, MyPAY is going to introduce a mobile money app, compliant with Myanmar law, to make payments easier for consumers and merchants in Myanmar. With fastacash’s technology, we are able to leverage social networks such as MySQUAR. Together, we are empowering a connected market where ninety percent of people are unbanked and underserved by traditional financial institutions.”
By bringing payments and transaction capabilities to social networks, fastacash, MyPAY and MySQUAR are helping build Myanmar’s social payment infrastructure, as an alternative to cash-based payments. MyPAY will leverage a large existing network of merchants to provide cash-in and cash-out capabilities, the statement said.