Ooredoo launches its M-Pitesan money transfer service
Ooredoo's M-Pitesan is a money transfer service that allows customers to turn physical cash into digital money
Ooredoo has launched its own money transfer service called M-Pitesan made available for its customers at this year's Myanmar Connect event.
M-Pitesan, which literally means M-Cash, enables users to convert cash into digital money which is then stored in their mobile phones. This conversion from physical money to electronic money is done at any of the M-Pitesan agents around the country and holds the same value as the original cash amount. The electronic money can then be used for a variety of different reasons, such as transferring money to family and friends, paying utility bills or buying airtime.
Commenting on the new product launch, Vikram Sinha, acting CEO of Ooredoo Myanmar said: “Ooredoo supports financial inclusion for everyone and M-Pitesan aims to do just that, bring all people of Myanmar closer to a better future through this secure money transfer option.
"Together with our largest distribution network and our first class customer service, I believe that M-Pitesan will meet the needs of our customers who want to send money anywhere, anytime in Myanmar. . This market is ready for the next evolution in mobile money and I am confident that M-Pitesan will take the financial services industry to the next level as we offer the service capability to all customers, banks and businesses alike.”
The new solution combines cutting edge technology, advanced security features, 24/7 customer support, money can also be transferred to any mobile number and exchanged for cash again at any M-Pitesan agent, features which are available to all Ooredoo customers.
Ooredoo hopes to simplify the money management process for its customers by creating the environment in which they can handle their finances from their homes, without the need to travel to banks or wait in long queues. To further emphasise this Ooredoo will integrate the service with CB Bank, allowing for the real-time movement between the bank account and the mobile wallet.
Also, through the use of thousands of agents, who will convert customer’s physical cash into electronic money, the company are also creating new jobs for the people of Myanmar particularly those in rural areas.
The company recently entered into a network transformation agreement with Ericsson, which will see the latter help the former to transform its network using its services organisation and solutions portfolio through the use of cutting edge technologies.