KBZ Bank sees rising adoption for its mobile wallet app

KBZ Bank, Myanmar’s largest privately-owned bank, facilitated one million transactions with its mobile wallet application KBZPay, signalling progress towards a mobile-first Myanmar, the bank said in a statement yesterday.

From 28 to 31 March, guided by the 18,000-strong KBZ Bank team across the country, customers performed an extensive range of transactions with KBZPay. This included mobile top-up and data pack purchases, cash-in or money deposits, and cash-out or money withdrawals, QR-code payments at merchants, Quick Pay of bill payments and Over the Counter (OTC) remittances.

The milestone comes just two months after KBZPay reached one million customers, all who were digitally verified with NRC and biometrics. With KBZPay rapidly growing its network, customers can use the mobile wallet at any of the 65,000 merchants and agents onboard KBZPay.

“As the domestic champion for 100pc financial inclusion in Myanmar, we will continue to pioneer a secure and convenient mobile payments platform and work to improve the quality of life for millions through banking,” said Mike DeNoma, chief executive of KBZ Bank.

A significant group which contributed to the one million KBZPay transactions was the customers of the 2019 Duwun Food Carnival held in People’s Park, Yangon, who made more than 13,000 transactions. The carnival, held on 30 and 31 March, was the first ‘Cashless Food Market’ in Yangon, with people using KBZPay to make purchases from 67 food stall vendors. The total value of transactions made during the two-day carnival was K33.8 million.

Source: Myanmar Times

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