The Myanmar social network MySquar has teamed up with the Myanmar online payments provider MyPay.
The Singaporean social payments provider Fastacash has invested 500,000 US dollars in MySquar to integrate MyPay into its online chat feature.
MySquar and MyPay hope that the deal will help to increase the amount of online transactions taking place in the country. Just 29% of Myanmar's 51 million people are currently internet users, and less than 5% have bank accounts.
Alternative online payment services such as MyPay therefore have huge potential in this untapped market.
The social network MySquar has 1.5 million registered users, the majority of whom are based in Myanmar.Â
