2C2P, a leading Southeast Asian payment services company, and Myanmar Payment Union (MPU), the national payment network of the Republic of the Union of Myanmar, have developed and implemented Myanmar’s first electronic commerce payments platform. The service is expected to benefit some 900,000 MPU card holders in Myanmar, enabling them to directly pay for online purchases.
This partnership provides non-cash payment options, eliminating the inefficiencies and risks inherent in cash payments, including high costs and long processing times. The new service also opens up the world to Myanmar citizens, who can now pay for goods and services from other countries. MPU cards can also be used by Myanmar citizens traveling abroad, boosting the outbound travel and tourism sector.
According to 2C2P, the company has been aggressively developing financial services infrastructure in Myanmar. It recently launched Citizen Card, the country’s first prepaid card with a real-time mobile app. 2C2P has also introduced iACCEPT, a mobile point-of-sales system, along with Visa, MasterCard, Myanmar Citizens Bank and Myanmar Hotels International. The company claims to have processed more than US$2.2 billion worth of transactions across ASEAN in 2014.
Aung Kyaw Moe, Group CEO, 2C2P
As a payment network, MPU is comparable to that of VISA and MasterCard globally, NETS in Singapore, JCB in Japan, and China UnionPay in the People’s Republic of China. We are extremely proud to work with MPU, the Central Bank of Myanmar, MPU’s member banks and with merchants, growing Myanmar’s financial and e-commerce infrastructure, and allowing its citizens to shop online.
Zaw Lin Htut, CEO, Myanmar Payment Union (MPU)
Myanmar is witnessing a period of explosive growth, fuelled by mobile and internet penetration. We are excited to work with 2C2P to tap into this growth, ushering in a new phase of Myanmar’s electronic 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.
