The internet has opened up a world of opportunity for people all over the globe, and Myanmar is no different. With a population of over 53 million people, the potential for making money online in Myanmar is huge.
However, as with any new opportunity, there are always a few things to consider before getting started. Here are 5 things you need to know about making money online in Myanmar:
1. The internet penetration rate is still low
Despite the fact that Myanmar has been open to the outside world for a few years now, the internet penetration rate is still relatively low. According to the most recent data from the International Telecommunication Union (ITU), only 18% of the population has access to the internet. This means that there are still a large number of people who are not connected and are therefore not able to take advantage of online opportunities.
2. The infrastructure is still developing
Another thing to keep in mind is that the infrastructure in Myanmar is still developing. This means that there are areas of the country where connection speeds are slow and unreliable. While this is gradually improving, it’s something to bear in mind if you’re planning on doing business online in Myanmar.
3. English is not widely spoken
Another language-related challenge you may face when doing business in Myanmar is that English is not widely spoken. In fact, according to Ethnologue, only 2% of the population speaks English as their first language. This can make communication difficult and may limit your potential customer base. However, it’s worth noting that many people in Myanmar are fluent in both Burmese and English, so you may be able to get by with just one language if you’re clever about it.
4. Payment options are limited
One final thing to consider when doing business in Myanmar is that payment options are currently quite limited. While there are some local payment options available, such as bank transfer or mobile money, these are not always convenient or reliable. As such, many businesses choose to use international payment options such as PayPal or Stripe. However, it’s worth noting that these options may not be available to everyone in Myanmar due to restrictions on foreign currency transactions.
