19th Oct 2015 07:41
LONDON (Alliance News) - Myanmar-focused mobile services company MySQUAR Ltd said Monday it has signed a five-year deal with mobile payments company MyPay Ltd and said its user numbers have surpassed 1.5 million.
MySQUAR said that under its five-year deal with MyPay it will receive USD500,000 in software platform integration fees, plus a 50% share of net fees collected from MyChat users who carry out transactions using the payment features on the platform.
The company noted that Eric Schaer, its chief executive officer, holds an indirect controlling interest in MyPay.
In addition, the company said its total user accounts at October 14 had surpassed 1.5 million, up around 50% since June 30.
Shares in MySQUAR were down 0.4% to 5.6 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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