2C2P, a payment platform, and KBZPay, the leading mobile wallet in Myanmar, have established a partnership to expand the digital payments network in Myanmar.
The partnership will bring together 2C2P’s online payment systems and KBZPay’s mobile wallet technology to open up new possibilities for people in Myanmar to transact with global and local businesses. In addition, the partnership will connect 2C2P’s partners and merchants with KBZPay’s fast-growing customer base, driving new payment efficiencies and convenience.
Aside from performing convenient and secure mobile transactions to pay for goods and services, make bill payments and manage everyday finances, this partnership will empower KBZPay’s 6.7 million customers in Myanmar to use their mobile wallets to transact with 2C2P’s extensive global and international merchants from today. These merchants include tech giants, online marketplaces, retailers as well as Myanmar-based companies.
Payments made by KBZPay users to 2C2P merchants are verified using 2C2P’s back-end systems which ensure a seamless payment experience for both customer and merchant. 2C2P will serve as a payment facilitator on such transactions, enabling KBZPay customers to make payments to 2C2P merchants even though they are not onboarded to the KBZPay network.
The partnership and service expansion with KBZPay is another big step for 2C2P in its mission to simplify the payments processes for global enterprises in a complex regional payments landscape.
“Myanmar currently houses one of the fastest-growing and hyper-connected populations of young people in Southeast Asia, and we know that they are increasingly looking for more tech-savvy digital payment options,” said Pyay Nyein, Country Head of 2C2P Myanmar. “As part of our broader expansion this year, we are delighted to partner with KBZPay to enable our comprehensive network of partners and merchants to meet this growing demand for contactless, online and mobile payments.”
Since 2018, KBZPay has enabled a more connected, and safer way of life through digital payments while giving many people across Myanmar access to essential financial and digital services for the first time. KBZPay connects its customers with more than 290,000 agents and merchants nationwide and has to date facilitated transactions valued at more than MMK 15.6 trillion (USD 11.2 billion).
“As KBZPay continues to define the new payments landscape in the country, we will expand our ecosystem so as to link more people with their loved ones as well as with agents, service providers, e-commerce and retail platforms, government services, and other organizations. Our partnership with 2C2P reflects our joint vision to accelerate mobile transactions in the country by harnessing the latest payment technologies,” said Mr. Chong Ho Yoon, Head of KBZPay.
The partnership between 2C2P and KBZPay is timely as Myanmar’s shift towards a mobile-first digital society is accelerated amidst the COVID-19 pandemic. The pandemic has prompted businesses to rethink efficient ways to handle transactions and spurred consumer demand for secure, digital payment solutions as their preferred way to manage their everyday finances.