2C2P, a Singapore-based payment solutions provider, tied up with Myanmar Citizens Bank to launch Myanmar’s first mobile point of sale (mPOS) solution, the company announced.
The solution, “iACCEPT”, in partnership with Myanmar Hotels International Group, will allows point of sales to accept MasterCard and Visa international payment cards.
iACCEPT is a 2C2P owned mobile solution that transforms iOS and Android smart phones into a mobile point of sales system.
iACCEPT will allow Yangon’s upscale Inya Lake Hotel and The Strand Hotel, both under Myanmar Hotels International Group, to accept payments through MasterCard and Visa inside the guest room, provide in-room express check out facilities for guests, 2C2P said.
U Myint Win, managing director of Myanmar Citizens Bank, said: “We are very proud to present Myanmar’s first ever mPOS solution, iACCEPT. iACCEPT turns smart phones into a POS device by simply attaching one small card reader with an ability to read magnetic stripe cards and EMV chip cards.”
It also enables merchants to use the POS right in front of the customer, instead of taking the card away from them, he added.
“This will bring customer service to next level by providing a luxurious convenience. iACCEPT makes transactions more secure as they are processed right before the customers eyes. Both the hardware and software of the iACCEPT solution are very advanced and innovative, extending the capability of POS beyond traditional POS terminals.”
iACCEPT solution runs on the backbone of 2C2P’s PCIDSS Level 1 (Payment Card Industry Data Security Standard Level 1) payment platform, which the company claims as secure as a traditional POS terminal.
Sukhdeep Singh, managing director of the Myanmar Hotels International, said: “iACCEPT will take our hotels a step forward in our quest to provide service and convenience of the highest-level possible. We are delighted to be a partner of this innovative, 21st century application that will enhance our guests’ experiences.”
Antonio Corro, country manager, Myanmar and Thailand at MasterCard, said the adoption and integration of mPOS technology into a merchant’s current payment environment will “not only enhance the retail and payment experience for consumers, but hopefully also pave the way for more digital convergence in the near future with innovations such as NFC or contactless capabilities, QR codes and digital wallets.”
“Given the shift we’re seeing among the Myanmar consumers’ acceptance of mobile technology, we believe this can and will play an important role in further developing the electronic payments landscape in Myanmar as we continue to work towards a world beyond cash.”
2C2P, which is now valued at $ 16 million, earlier in February introduced a non-mobile point-of-sale service with Visa and Mastercard in Myanmar.
Somboon Krobteeranon, country manager, Myanmar and Thailand at Visa International (Asia-Pacific), said mobile point of sale solutions such as iACCEPT will provide retailers with an easy-to-implement, portable and cost effective way to accept electronic payments, helping to bring the benefits of card acceptance to even more retailers across Myanmar.