Two international payment service companies widely used by people who earn income online have announced that they will stop providing their services to users in Myanmar starting this month.
The companies, Switzerland-based Perfect Money and Payoneer, headquartered in New York, are popular with online merchants, freelancers, and social media content creators as a means of receiving payment for their work.
According to a Naypyitaw resident who has been using Payoneer, the company cited complex regulations in military-ruled Myanmar as its reason for suspending services in the country.
“Myanmar banks are not included or recognised on global platforms, so there’s this challenge of how to access our money,” he said.
Perfect Money has not only stopped allowing Myanmar residents to open new accounts, but will also close existing accounts on November 19, giving users 30 days to withdraw their remaining funds.
Similarly, Payoneer has also banned new account. . .
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