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Mobile Payments

TrueMoney rolls out fund transfer solution in Myanmar

Friday 14 October 2016 | 10:34 AM CET

TrueMoney, a subsidiary of Ascend Group, has launched TrueMoney Myanmar and TrueMoney Transfer, an e-payment solution that addresses Burmese migrant workers’ fund transfer needs.

TrueMoney Myanmar is a financial service provider that offers bill payment, mobile topup, remittance, and cash collection services. The company has two offices, one in Yangon and one in Mandalay and a network of 3,000 agents nationwide.

TrueMoney is also launching TrueMoney Transfer, the company’s first international money transfer solution. The service enables real-time fund transfers from Thailand to Myanmar, allowing Burmese migrant workers to reduce the expense and risks associated with sending money to family back home.

Users can register a user account at one of TrueMoney’s official agent shops in Thailand, show their ID, and instantly transfer funds to Myanmar. After informing the agent of the receiver’s name and mobile number and the amount to be transferred, the sender will be told the exact amount the receiver will receive. The sender will also receive an 8-digit code via SMS. The receiver can immediately use the given code, in addition to their identification and mobile phone number, to receive cash at any of the TrueMoney Transfer spots in Myanmar.

To celebrate the launch of the TrueMoney Transfer service, the company is waiving the transfer fees for all transactions until October 31, 2016. Transfer fees usually start at only 1,818 MMK (1.44USD) per transaction.

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