From Zero to 40 Million: The Rise of Digital Payments in Myanmar

Myanmar is in a boom. While seven years ago, financial services were largely unused, today many consumers use their smartphone to make payments. Over the course of only a few years, over 40 million Myanmar people have come online. From no banks to digital currencies, from no computers to smartphones, from no internet to 4G — everything in Myanmar is moving fast despite the relaxed atmosphere. The reason? No incumbency.

The fact that consumers are 4x more likely to have a smartphone (80% penetration rate) compared to a…