Myanmar gets first ecommerce payment playform
Cash is still king in Myanmar but times are changing.
Singapore based payment service company 2C2P has teamed up with state-run payment network Myanmar Payment Union (MPU) for Myanmar’s first integrated ecommerce payment platform.
Myanmar’s 900,000 card holders can now pay directly for purchases safely in the country’s still nascent ecommerce space and for the first time, for overseas purchases.
Since introducing economic reforms and opening up the country to foreign investment, the online retail sector has been hindered by its traditional cash-on-delivery model, 2C2P said.
MPU cards can also be used abroad and are expected to give the outbound tourism sector a timely boost.
2C2P also launched the Citizen Card last month, a first of its kind reloadable prepaid card and real-time mobile app.
"Targeted at the retail, and travel and tourism sectors, Citizen Card will facilitate both physical and online shopping. It will also be of use to Myanmar tourists when they travel overseas, as consumers can enjoy special benefits and privileges at destinations such as Thailand and Singapore," a 2CPC statement said.
The company has also developed iACCEPT, a mobile POS system, in partnership with Myanmar Hotels International Visa, MasterCard, and Myanmar Citizens Bank.
Myanmar’s Ministry of Communications and Information Technology expects mobile penetration to reach 80% by 2016, from just 10% two years ago.
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