Central Bank Warns Public Against Mobile Payments/Mobile Wallets and Illegal Payment Services

YANGON—–The Central Bank of Myanmar has issued a warning dated June 10 that the use of Mobile Pay/Mobile Wallet and payment services that are not officially authorized by the Central Bank of Myanmar may result in ‘huge losses due to lack of systematic control.

For the purpose of providing mobile banking services to ensure efficient payment under Sections 40 and 79 of the Central Bank of Myanmar Act, Sections 5, 129 and 130 of the Financial Institutions Act, Regulations on Mobile Financial Services, Guidelines on Mobile Banking Services and Guidelines on Card Payments, the Central Bank of Myanmar has authorized 18 banks to provide mobile banking services, ten banks for Internet banking services, eight banks to provide mobile payments (Mobile Pay), five institutions to provide mobile financial services, seven institutions to provide car payment services such as transportation cards and shopping cards, and four companies to provide customs clearance services on behalf of the seller.

A list of banks, financial institutions and companies officially authorized by the Central Bank of Myanmar is now available on the official website of the Central Bank of Myanmar: www.cbm.gov.mm.

Currently, it is advertised on social media platforms that money transfer between users and purchases via Mobile Pay/Mobile Wallet and unofficial payment services can be made.

The Central Bank of Myanmar also announced that the use of Mobile Pay/Mobile Wallet and payment services that are not officially authorized by the Central Bank of Myanmar can lead to huge losses due to lack of systematic supervision. If it is found to be operating without the permission of the Central Bank of Myanmar, a fine or imprisonment or both will be imposed under Section 172 of the Financial Institutions Act.


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Elaine R. Knight