Myanmar Payment Union has teamed up with payment services vendor 2C2P to allow consumers in the Asian nation to pay for their online purchases by card.
It came to light recently that MPU was planning to launch new payment options for e-commerce transactions in Myanmar, where online stores still require payment to a company representative in cash before an order is filled, or one the delivery has been made. The latter put the merchant at risk were the customer not to pay.
Thanks to this new partnership, however, the online payment platform will be available to 900,000 holders of MPU cards, which are issued by banks in Myanmar. The country’s citizens will be able to pay for goods and services from local online providers and international merchants.
The country’s e-commerce sector lagged behind its neighbours due to a lack of modern, secured e-payments systems and a reliance on cash. Myanmar’s consumer population is expected to reach 19 million, and its economy $200 billion, by 2030, if growth and innovation continues on current lines.
“Myanmar is witnessing a period of explosive growth, fuelled by mobile and internet penetration,” said MPU CEO Zaw Lin Htut.
In a country of 53.2 million, mobile penetration rate is expected to reach 80 per cent over the next year, up from a mere 10 per cent in 2013.
“We are excited to work with 2C2P to tap this growth, ushering in a new phase of Myanmar’s e-commerce,” Htut added. “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.”
Using Ripple's enterprise blockchain solutions, Standard Chartered has completed its first real-time cross-border payment for businesses with another major correspondent bank.
Three years on from being acquired by PayPal, Braintree, a company which allows merchants to process a range of different payments, has revealed the number of its payment transactions has increased by 25 times.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
Square has introduced a new update to its contactless and chip readers that reduces transaction speed to 4.2 seconds.