KBZ Bank launches digital wallet KBZPay

KBZ Bank, Myanmar’s largest privately-owned bank, has launched a digital wallet called KBZPay. The mobile phone app will allow users to make cashless transactions, store, send or receive money, and withdraw cash through authorised agents.
The digital wallet is now available for download across the country.
The bank is conducting on-ground activations in Yangon and cities across the country to promote the app and encourage people to sign up for it.
Through the app, the bank aims to offer a safer, simpler, and more convenient way to transact money. With KBZPay, the bank hopes to bring millions of people in Myanmar into the digital economy, which will make 100% financial inclusion a reality and ultimately help improve lives.
KBZPay aims to reduce existing challenges posed by a predominantly cash-based society. Users will be able to top up their mobile wallets, withdraw cash through authorised agents and at KBZ Bank branches, make cashless remittances, and pay bills. They will be able to check their wallet balance any time. The app will also resolve the issue of small notes by enabling exact-value transactions of any amount. It also aims to protect risk of theft and fraud, and secure money transfers so that no third-party can take out cash without permission.
The bank hopes the wallet will help businesses and customers save time by reducing counting and managing cash. The app will allow users to see the details of all transactions, including dates, times, and names, to ensure greater transparency and address disputes involving transactions.
The KBZ Bank introduced KBZPay three months ago and has been testing the app and inviting customer feedback on the service.
At a recent “KBZPay Day” public event held on 30 November at Myanmar Plaza, KBZ Bank introduced KBZPay to thousands of people and invited sign-ups. A lucky draw was also organized at the event, in collaboration with partners Huawei and Myanmar Airways International (MAI).
“Myanmar is one of the only countries where 90% of the population owns a mobile phone but not a bank account. With KBZPay, we aim to put the power of financial management into the palms of people across Myanmar, through their mobile phones. During our market research, 80% of the respondents said they face challenges because of not having enough small notes in hand and the impact of rounding up or down, rather than being able to make exact transactions,” said Mike DeNoma, Chief Executive Officer, KBZ Bank.
MPT, Telenor, Ooredoo, and MyTel subscribers can register for the KBZPay app on their smartphones free-of-charge. Users do not need a bank account to sign up for the app. The app can be downloaded and install from the Google Play Store, the Apple App Store, and www.kbzpay.com.
To access the full suite of KBZPay services, such as “cash in” and “cash out”, customers need to visit the nearest KBZ Bank branch or agent to verify their NRC and complete the digital onboarding process.
Members of the KBZ Bank employee teams can upgrade users from Level 1 to Level 2, anywhere, any time. KBZ Bank customers also have the option of linking their account with the KBZPay app to top up their mobile wallets.
Those interested in becoming KBZPay authorised agents or partners can contact the KBZ Bank team at +95 99 6996 3211 or query.kbzpay@kbzbank.com.

Source: Global New Light of Myanmar

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