KBZPay to expand cashless service offering

KBZPay is expecting its users to rise by 42 percent to 5 million by the end of the year and for that number to expand sixfold to 30 million by 2028 with options to go cashless in various areas of the economy to come onstream, said U Soe Ko Ko, head of agent banking at KBZPay.

Soon, users will be able to reserve tickets for tourism-related activities, buy and sell goods and services online, pay salaries and support business payment platforms with KBZPay, U Soe Ko Ko said at the mobile payments application’s one-year anniversary press conference last week.

KBZPay will ensure user data is protected and also intends to promote awareness over financial and digital literacy for citizens, he said.

Currently, the KBZPay app has acquired more than 3.5million users – around 1.6million in Yangon, Mandalay and Shan State and 1.9 million in Bago, Sagaing, Ayeyarwady, Magwe, Mon and Rakhine as well as Nay Pyi Taw.

The app facilitated a total of US$1.8 million in cashless transactions during its first year. It can currently be used for deposits and withdrawals, mobile top-ups, internet data purchase, QR code payments and money transfers from KBZ savings accounts to KBZPay.

Over the past year, it also provided a secure avenue to pay college and university fees, municipal tax and funds to more than 90 companies in Myanmar.

“Our objective is to reduce the use of cash as much as possible and help develop a digital financial system in Myanmar,” U Soe Ko Ko said.

Objective of KBZPay is to reduce use of cash as much as possible and help to develop digital financial system, as priority, said U Soe Ko Ko.

He added that KBZPay has supported the establishment of the MMQR system, a standardised QR code for Myanmar, which is now being implemented by the Central Bank of Myanmar.

Source: Myanmar Time

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