Home Insider Tourism Wave Money and Oway Partnership Leverages Travel Payments with Mobile Financial Technology

Wave Money and Oway Partnership Leverages Travel Payments with Mobile Financial Technology

Wave Money, one of leading providers of mobile financial services, officially inked with Oway, the leading and transport company, on July 11 by entering into strategic which will make travel-related payments easier and more secure.

As part of the partnership launch, WavePay users can have special privilege of a 50 percent discount on all domestic flights booked through the Oway website from July 11 till August 10 while the limited numbers of tickets last. “We are delighted to partner with them as Oway share our vision for a future that leverages digital to improve lives and experiences. From here on, Wave Pay users can plan their travels fast, efficiently and securely through Oway and do online payment using WavePay,” said Mr. Brad Jones, Wave Money CEO at the signing ceremony.

 “Our partnership with Wave Money is part of (our) commitment to make travel easy for people in Myanmar. Online payments can be a challenge as many people don’t use credit cards or have access to formal banking. Through the WavePay app, these customers can now conveniently book their flights, hotels, trips, anywhere, anytime using their mobile devices,” said Mr. Alok Kumar, CEO of Oway Group in his speech. He also highlighted that the digital payment ecosystem is in its nascent stages with internet banking below 10 percent penetration and credit card usage at below 5 percent. 

Oway fleet drivers also stand to benefit from the Wave Money partnership as they can now use the WavePay app to receive and send money. This will resolve the mutual process of withdrawing substantial cash on daily basis, as well as facilitate individual accounts management and reconciling these accounts after every trip. Along with statistics of Wave Money in its stellar growth report 2019, Wave Money weaved the financial inclusion network around more than 11 million customers and 45,000 agent surpassing traditional bank branches and ATMs across the country since its entrance into market three years ago. From January to July 2019 alone, Wave Money handled $1.7 billion in remittance volume and paid more than $15 million in agent commission.