Wave Money
Wave Money is Myanmar's leading mobile financial services provider, operating a 60,000+ OTC agent network and digital wallet app serving unbanked consumers, micro-merchants, and migrant-worker remittance recipients with nationwide reach.
- Company typePrivate
- Founded2016
- HeadquartersYangon, Myanmar (Burma)
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Wave Money does
Wave Money (legally Digital Money Myanmar / DMM) is Myanmar's leading mobile financial services provider, operating a dual-channel model that combines over-the-counter (OTC) agent transactions with a digital mobile wallet. The company was founded circa 2015-2016 and is headquartered in Yangon, with Yoma Bank as its strategic parent. Its Wave Shop network comprises 60,000+ OTC agents enabling cash-in/cash-out and money transfers using only a mobile number and NRC, without requiring a bank account, while the Wave App provides a digital wallet for transfers, bill payments, mobile top-ups, QR payments, travel tickets, and payroll disbursement. An additional 210,000+ merchants accept Wave QR payments via the Wave Zay Sine mini-app, and 12 physical Wave Care Centers provide in-person support, giving the combined agent/merchant footprint coverage of approximately 90% of Myanmar.
The platform integrates with MyanmarPay MMQR (the Central Bank of Myanmar's national QR standard), Yoma Bank, CB Bank, MPU, and SMILE POS devices for card acceptance, and supports cross-border remittance through partnerships with MoneyGram (200+ countries), 2C2P and DeeMoney (Thailand), and Merchantrade (Malaysia). Underlying capabilities include automated KYC/OCR onboarding, Burmese-language NLP chatbots for customer service, ML-based credit scoring, and real-time fraud detection. The product portfolio is organized across consumer wallet services, merchant payment acceptance (Static QR, Dynamic QR, POS, MMQR, payroll disbursement), and operational tools (Agent App, Merchant App, Merchant Portal).
Wave Money monetizes primarily through unit-priced transaction fees on cash-out (300-2,400 MMK per transaction) and agent-to-account transfers (400-14,000 MMK), percentage-based bank/MPU fees (0.3% MPU cash-in, 0.25% bank transfer), and revenue share on international remittance corridors. Free Wave App-to-App transfers and cash-in underpin consumer adoption and transaction volume. The company has processed over 1 billion transactions cumulatively with MMK 50 trillion+ in value transacted and has raised capital including a $137M round in H1 2025 and earlier rounds from Ant Group and Yoma Strategic Holdings.
Wave Money firmographics
Firmographics- Name
- Wave Money
- Legal name
- Digital Money Myanmar
- Website
- https://wavemoney.com.mm
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Wave Money is Myanmar's leading mobile financial services provider, operating a 60,000+ OTC agent network and digital wallet app serving unbanked consumers, micro-merchants, and migrant-worker remittance recipients with nationwide reach.
- Ownership category
- akta.pro rank
Wave Money industry classification
Industry- Product category
- Mobile Financial Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- akta.pro primary industry
- Merchant / Closed-Loop Wallets (Retail & Marketplace) (FSAMAEAF)
- akta.pro secondary industry
- Consumer P2P International Remittances (FSAGAKAA)
Keywords
Where Wave Money is headquartered
LocationHeadquarters
- HQ city
- Yangon
- HQ country
- Myanmar (Burma)
- HQ region
- Asia
Offices12 records
Markets served
Wave Money business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Transaction Fees - Cash-Out: Fees charged for cash withdrawals at Wave agent shops, ranging from 300 MMK (1-10,000) to 2,400 MMK (200,001-300,000)
- Transfer Fees - Wave Account to Wave Shop: Fees for transfers from Wave digital wallet to agent shops, ranging from 400 MMK to 14,000 MMK based on transaction amount
- Transfer Fees - Shop to Shop: Fees for agent-to-agent transfers within Wave network, ranging from 1,000 MMK to 20,000 MMK based on amount
- Bank/MPU Transfer Fees: 0.3% fee for MPU cash-in and 0.25% fee for bank transfers exceeding 1,000,000 MMK
- International Remittance Services: Revenue generated through partnerships with MoneyGram, 2C2P, DeeMoney, and Merchantrade for cross-border money transfers
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Cash-Out at Wave Agents |
| Unit Pricing | Pay-as-you-go | Wave Account to Wave Shop Transfer |
| Unit Pricing | Pay-as-you-go | Wave Shop to Wave Shop Transfer |
| Transaction based/ take rate | Pay-as-you-go | Bank/MPU Transfer |
| Freemium | Pay-as-you-go | Wave App to Wave App Transfer |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels5 records
Wave Money product offering
Product offeringCore offering
Wave Money is Myanmar's leading digital payment and mobile financial services provider, operating a dual-channel platform: (1) Wave Shop, an over-the-counter agent network of 60,000+ shops enabling cash-in, cash-out, and money transfers without requiring a bank account; and (2) Wave App, a mobile wallet providing digital transfers, MMQR payments, bill payments, mobile top-ups, and travel ticket purchases. The company also serves merchants with Wave Zay Sine, Static/Dynamic QR, POS, MMQR interoperability, and payroll disbursement, plus international remittance via MoneyGram, 2C2P, DeeMoney, and Merchantrade partnerships.
Product overview
Wave Money is Myanmar's leading digital payment and mobile financial services provider operating a dual-service fintech model: (1) Wave Shop — an over-the-counter (OTC) agent-based network of 60,000+ agent shops enabling cash-in, cash-out, and money transfers without requiring a bank account; and (2) Wave App — a mobile wallet providing digital-first financial services. The company serves as both a direct consumer product and a B2B merchant services platform, with its product portfolio organized around three tiers: (A) Consumer-facing core products — Wave Shop, Wave App, Wave Care Center, International Remittance (MoneyGram, 2C2P WAVE App, DeeMoney, Merchantrade), Bank Linkage, Bill Payment, Mobile Top-up, and Travel Ticket; (B) Merchant services — Wave Zay Sine (merchant mini-app), Static QR Payments, Dynamic QR & POS (SMILE POS with MPU/MasterCard/Visa), MMQR Merchant Payment, Payroll Disbursement, and Merchant Portal; and (C) Operational tools — Agent App and Merchant App. The company also integrates with MyanmarPay MMQR (National QR Standard), Yoma Bank, CB Bank, MPU, and multiple microfinance partners (HAYMAN, Mahar Bawga, LOLC, Rent 2 Own) to form an interconnected financial ecosystem spanning consumers, agents, merchants, banks, and international remittance corridors.
Differentiator
Problem solved
Functional benefit
Brands
- Wave Shop: Over-the-counter transaction service with nationwide network of agent shops for money transfers without requiring an account
- Wave App
- Wave Zay Sine
- Wave Care Center
- 2C2P Wave App
- Wave Merchant App
Quantifiable outcome
- 1 billion+ transactions processed over 9 years
- +3 more outcomes
Companies that use Wave Money
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Wave Money technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration21 records
AI capability7 records
Feature5 records
Wave Money partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- MerchantradecoreMerchantrade enables money transfers from Malaysia to Myanmar. Recipients can receive funds directly to Wave accounts or withdraw cash at Wave Agent shops. Reference codes valid for 45 days with free cash withdrawal.
- MyanmarPay (Central Bank of Myanmar)coreWave participates in the national MMQR (Myanmar Pay QR Standard) initiative, enabling interoperability between different mobile wallets and banking apps through a unified QR code system established by the Central Bank of Myanmar.
- Yoma Bank (Yoma Family Day)minorJoint participation in Yoma Family Day 2025 event celebrating unity and togetherness within the Yoma ecosystem.
- AWS Community Day MyanmarminorWave Money participated in AWS Community Day 2024, showcasing technology presence and cloud infrastructure investments.
- MoneyGramcoreMoneyGram enables Wave users to receive international remittances from over 200 countries directly into their Wave Wallet or for cash withdrawal at Wave agent shops. Recipients can also receive funds into Yoma Bank accounts or collect cash at Yoma Bank branches.
- 2C2Pcore2C2P WAVE App enables money transfers from Thailand to Myanmar. Senders can transfer directly to Wave Wallets or to 61,000+ Wave Agent shops for cash pickup. Licensed under 2C2P (Thailand) Co., Ltd. (License No. MT125610002).
- DeeMoneycoreDeeMoney partnership enables Myanmar citizens in Thailand to send money home to Wave Pay accounts or Wave Agent shops across Myanmar with fast, secure transfers.
- Yoma BankcoreWave merchants can link their accounts to Yoma Bank for secure fund management. Payroll disbursement services are provided in partnership with Yoma Bank. Remittances can also be received into Yoma Bank accounts.
- SMILE (POS)coreSMILE POS devices enable Wave merchants to accept card payments (MPU, MasterCard, Visa) alongside Dynamic QR payments, providing multi-channel payment acceptance for businesses.
- UFL (United Football League)minorWave Money sponsored the Grand Finale of UFL Season IV, demonstrating brand presence in Myanmar's sports ecosystem.
Scale indicators11 records
Recent moves10 records
Expansion highlights6 records
Wave Money competitors and assessment
Company assessmentDirect peers
- OVO: OVO is one of Indonesia's largest e-wallets, offering QR payments, merchant services, and financial services. It is comparable to Wave as a Southeast Asian mobile wallet competing for merchant acceptance and consumer payments share.
- Maya (formerly PayMaya): Maya is a Philippines-based digital payments and banking platform offering a wallet, virtual cards, and consumer credit. It is comparable to Wave as a Southeast Asian wallet with an expanding merchant and consumer lending layer.
- bKash: bKash is Bangladesh's dominant mobile financial services provider, with a massive agent network serving the unbanked. Its dual OTC + app model, merchant payments, and remittance flows closely mirror Wave Money's business architecture in another South/Southeast Asian frontier market.
- GoPay: GoPay is the payments arm of GoTo/Gojek in Indonesia, with QR payments, consumer wallet, and merchant services. It is a Southeast Asian comparable to Wave on consumer wallet adoption, merchant QR scale, and ride/delivery ecosystem integrations.
- KBZPay: KBZPay is Myanmar's largest mobile wallet, operated by KBZ Bank, and is Wave Money's closest direct competitor. Both offer agent-based cash-in/cash-out, QR payments, and remittance within Myanmar, with overlapping agent and merchant footprints.
- DANA: DANA is an Indonesian mobile wallet with national QR interoperability, merchant payments, and consumer financial services. Comparable to Wave as a wallet positioned on national QR rails and broad merchant acceptance in an emerging ASEAN market.
- Easypaisa: Easypaisa is Pakistan's leading mobile wallet (Telenor Microfinance Bank), offering agent-led cash-in/cash-out, bill payments, and merchant acceptance. Comparable to Wave as a bank-affiliated wallet serving a large unbanked population via OTC distribution.
- M-Pesa: M-Pesa (Vodafone/Safaricom) pioneered the agent-based mobile money model in Kenya and now operates across multiple African and Asian markets. It is the global template for Wave's OTC + wallet architecture and serves a comparable unbanked customer base.
- GCash: GCash (Mynt/Globe Telecom) is the Philippines' leading mobile wallet with QR payments, bill pay, savings, and credit. It is a regional comparable for Wave in terms of scale, merchant network, and financial-inclusion positioning, although with a more digitally-mature customer base.
- TrueMoney: TrueMoney is Thailand's leading agent-based mobile wallet operated by Ascend Money (Charoen Pokphand Group), serving migrant remittance corridors to Myanmar. Its OTC-heavy model and remittance focus make it directly comparable to Wave's cash-out and international remittance business.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Wave Money social profiles
Digital presenceWave Money financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wave Money leadership team
Management profileNumber of profiles
Profiles3 records
Wave Money funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wave Money M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wave Money
What does Wave Money do?
Wave Money is Myanmar's leading digital payment and mobile financial services provider, operating a dual-channel platform: (1) Wave Shop, an over-the-counter agent network of 60,000+ shops enabling cash-in, cash-out, and money transfers without requiring a bank account; and (2) Wave App, a mobile wallet providing digital transfers, MMQR payments, bill payments, mobile top-ups, and travel ticket purchases. The company also serves merchants with Wave Zay Sine, Static/Dynamic QR, POS, MMQR interoperability, and payroll disbursement, plus international remittance via MoneyGram, 2C2P, DeeMoney, and Merchantrade partnerships.
Is Wave Money a public or private company?
Wave Money is a private company. It is classified as corporate owned and is currently operating.
When was Wave Money founded?
Wave Money was founded in 2016. It employs 251 to 500 people.
Where is Wave Money based?
Wave Money is headquartered in Yangon, Myanmar (Burma), in the Asia region.
How does Wave Money make money?
Five revenue lines are on record. Transaction Fees - Cash-Out is the primary driver. The others are transfer Fees - Wave Account to Wave Shop, transfer Fees - Shop to Shop, bank/MPU Transfer Fees and international Remittance Services.
Who are Wave Money's main competitors?
Direct peers on record are OVO, Maya (formerly PayMaya), bKash, GoPay, KBZPay, DANA, Easypaisa, M-Pesa, GCash and TrueMoney.
Does Wave Money have an API?
No public API is recorded for Wave Money.
What industry is Wave Money in?
Wave Money's product category is Mobile Financial Services. Its primary akta.pro industry code is FSAMAEAF, Merchant / Closed-Loop Wallets (Retail & Marketplace), with a secondary code of FSAGAKAA, Consumer P2P International Remittances. Its NAICS code is 52232.