Wave Money

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.

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

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

• Mobile financial services
• Digital wallet payments
• Over-the-counter remittance
• Merchant QR payments
• International money transfer

Headquarters

HQ city

Yangon

HQ country

Myanmar (Burma)

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. 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)
2. 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
3. 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
4. Bank/MPU Transfer Fees: 0.3% fee for MPU cash-in and 0.25% fee for bank transfers exceeding 1,000,000 MMK
5. International Remittance Services: Revenue generated through partnerships with MoneyGram, 2C2P, DeeMoney, and Merchantrade for cross-border money transfers

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core 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

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration21 records

AI capability7 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• MerchantradecoreChannel Partner/ Reseller/ Distributor · 1 July 2026Merchantrade 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)coreTechnology or Integration · 27 February 2025Wave 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)minorGTM or Marketing Partner · 18 January 2025Joint participation in Yoma Family Day 2025 event celebrating unity and togetherness within the Yoma ecosystem.
• AWS Community Day MyanmarminorGTM or Marketing Partner · 20 December 2024Wave Money participated in AWS Community Day 2024, showcasing technology presence and cloud infrastructure investments.
• MoneyGramcoreChannel Partner/ Reseller/ DistributorMoneyGram 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.
• 2C2PcoreChannel Partner/ Reseller/ Distributor2C2P 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).
• DeeMoneycoreChannel Partner/ Reseller/ DistributorDeeMoney 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 BankcoreTechnology or IntegrationWave 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)coreTechnology or IntegrationSMILE 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)minorGTM or Marketing PartnerWave 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

Direct 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

• YouTubeyoutube.com/channel/UCgXd-KQ2Tznpc-ABrLRu5Ng
• Facebookfacebook.com/wavemoney
• LinkedInlinkedin.com/company/digital-money-myanmar
• Xx.com/wavemoney_mm

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wave Money