2C2P Transforms Electronic Bill Payment in Myanmar
2C2P is strengthening Myanmar’s ecommerce infrastructure to support Myanmar’s almost 30 percent CAGR in mobile penetration and near-eight percent CAGR in the domestic economy
2C2P, a leading Southeast Asian (SEA) payment services provider, and Myanmar Payment Union (MPU), the national payment network of the Republic of the Union of Myanmar, have launched Myanmar’s first electronic bill payment solution, easyBills. Developed by 2C2P, easyBills is available online at easyBills.com.mm.
2C2P and MPU are providing a non-cash payment option for prepaid phone top up, eliminating what was previously a cash-based, over the counter transaction. MPU consists of 21 local banks from the private and public sectors, which authorise the issuance and acceptance of all payment cards within the country. There are almost a million MPU cards in Myanmar, a number that is growing rapidly, in line with ongoing economic reforms. Using easyBills, MPU card holders can, for the first time, pay for mobile top ups.
Aung Kyaw Moe, CEO of 2C2P said: “Although ecommerce in Myanmar is at a nascent stage, with rapidly improving mobile penetration, a growing consumer middle class, and with improved logistical and financial infrastructure, the potential for ecommerce is tremendous. Launching easyBills continues 2C2P’s path to providing a robust payment infrastructure to support Myanmar’s growth.”
The initial rollout of easyBills enables mobile users to recharge and add value to their Myanma Posts and Telecommunications (MPT), MECTel, Telenor and Ooredoo prepaid cards. By mid-June, easyBills will expand to include the payment of electricity and other utility bills with domestic utility partners.
According to research consultancy Ovum, mobile subscriptions in Myanmar grew by 87.4 percent in 2014, to 10.7 million, catalysed by the entry of foreign telcos Telenor and Ooredoo. This, in turn, is forecast to grow at 21 percent CAGR, to reach 38.5 million by end-2019, as operators expand their networks to rural areas.
Zaw Lin Htut, CEO of Myanmar Payment Union said: “This year has been crucial for the growth in Myanmar’s ecommerce. We have achieved a number of firsts, from bringing ecommerce to Myanmar in February, to bringing electronic billing in May. Mobile penetration in Myanmar has exploded from some five million a few months ago, to more than 18 million current users. With mobile growth set to continue its upward trajectory, matched by rapid economic growth, we are pleased to be working with 2C2P, empowering the citizens of Myanmar with convenient and easy world-class payment solutions.”
McKinsey Global Institute (MGI) has forecast Myanmar’s economy to quadruple from U$45 billion in 2010, to about US$200 billion in 2030. Myanmar’s middle class, estimated at about 2.5 million in 2013, could increase to 19 million by 2030, with consumer spending almost tripling from US$35 billion to US$100 billion. Meanwhile, foreign direct investment (FDI) has risen from US$329.6 million in the 2009/10, to US$8 billion for 2014/15, according to the Myanmar Investment Commission.
“We take immense pride in building Myanmar’s ecommerce infrastructure, together with MPU, bringing electronic commerce to the country’s fifty million people,” added Aung.
2C2P has been proactively developing financial services infrastructure in Myanmar. This January, 2C2P, together with Myanmar Citizens Bank, launched ‘Citizen Card’, a reloadable prepaid card accepted by MasterCard merchants globally. In February, 2C2P developed and implemented Myanmar’s first ecommerce payment platform, together with Myanmar Payment Union (MPU), allowing Myanmar’s citizens to search, select and directly pay for online purchases for the first time. The company recently raised US$7 million in Series C funding, led by Hong Kong’s Amun Capital AG, Japan’s GMO Venture Partners Inc. 2C2P processed more than US$2.2 billion in transactions in FY2014.