Myanmar Payment Union and payment services vendor 2C2P have joined up to provide a new payment option for online shoppers in Myanmar, according to ZD Net on February 16.
For the first time, consumers will be able to pay online for their local and international purchases, 2C2P said in a statement February 16. The e-commerce payment platform is available to 900,000 holders of MPU cards, which are issued by banks in the country.
MPU was launched by the Myanmar central bank and local banks as the national payment network and comprises ATMs and POS systems. It authorizes the issuance and acceptance of all payment cards across the country. MPU cards can also be used overseas.
Up until now, the fledgling online shopping experience was bogged down with delay and cash payments on receipt of the goods.
This partnership with 2C2P will provide "non-cash payment options, eliminating the inefficiencies and risks inherent in cash payments, including high costs and long processing times," said 2C2P. "It also opens up the world to Myanmar citizens who can now pay for goods and services from other countries."
MPU CEO U Zaw Lin Htut said in the statement: "Myanmar is witnessing a period of explosive growth, fuelled by mobile and internet penetration. We are excited to work with 2C2P to tap this growth, ushering in a new phase of Myanmar's e-commerce. This will be key, not just for our citizens to transact online, but also to boost the economy, ensuring that we are on a more even footing with other regional markets."
Myanmar's Ministry of Communications and Information Technology expects the mobile penetration rate to jump to 80 percent in 2016, up from just 10 percent in 2013.