Free Knowledge... From People... To People
Search by Date Myanmar Version Mobile Version
 Business NEWS
Updated on February 8, 2019 From Myanmar Business Today

Fastest Growing Mobile Wallet in Myanmar Aims for 30 Million Customers

KBZ Bank, Myanmar’s largest privately-owned bank, is celebrating a new milestone as KBZPay crosses the one millionth customer mark, placing itself as the fastest growing mobile wallet in Myanmar. Since the pilot trial of KBZPay six months ago, KBZ Bank across Myanmar has helped thousands of people to access financial services for the first time each day.
       KBZ Bank’s milestone comes as it moves beyond the branch doors to address the challenges with Myanmar’s predominantly cash-based society and make banking services more accessible to millions of people without a bank account. Employees of KBZ Bank visited communities and public areas in townships across the various states and regions nationwide. The KBZ Bank team has brought more than 39,000 merchants onboard with KBZPay.
       Given the increasingly mobile-first population in the country, KBZ Bank now sets its sights on reaching 30 million KBZPay customers within the next ten years.
       Mike DeNoma, Chief Executive Officer, KBZ Bank says, “We have had a resounding start in helping more people in Myanmar access everyday financial services and the formal economy through KBZPay. I’m incredibly proud of the team’s achievement – they are an inspiring and extraordinary force for financial inclusion. I would like to thank each and every staff member who has courageously brought KBZPay beyond the branch and into their communities to reach this milestone. We are excited for the journey ahead to touch the lives of millions more, improve the quality of their lives through banking, and move towards 100% financial inclusion in Myanmar.”
       KBZPay is a mobile wallet stored in an app on the mobile phone. Aside from storing money, the KBZPay app allows customers to access the most essential financial services all day and night in the palm of their hands. They can make cashless transactions, send and receive money, and withdraw physical cash through authorised agents.
       More than 1.3 million people have downloaded the KBZPay app to-date and one million have digitally verified their accounts with NRC and biometric verification. Customers using verified accounts are able to access the full suite of KBZPay services such as payment transactions, money transfers, ‘cash in’, ‘cash out’ and mobile airtime top-up on all major telcos.
View Count : 767 | Posted by www.free4reader.com
 

~ Latest News ~

Central Bank Extends WeChat Pay for Three Months
UAB Bank to Verify Large Transactions in Order to Combat Fraud
Local Banks Provide K21 Trillion in Loans in 6-Month Period
Commercial Tax Generates K700 Million Per Week
K119 Million Collected in Tax Fines
Yangon Stock Exchange Hits K1.3 Billion in June
2020 Target for Opening Yangon’s New “International Standard” Myanmar Aquarium
Mottama Development Group Holds Exhibition for Five Projects
Myanmar's new insurers face a tough sell
Domestic fuel prices rise by three percent in ten days
Pyin Oo Lwin Property Expo Sells Out
Upward trend seen for local gold prices
Domestic fuel market sees slight change in one week
Myanmar to ease decades-old alcohol import ban
Yangon Inviting Foreign Investors to Help Provide Low-Cost Housing
Local gold price likely to slip further: gold traders
Gem sale in local currency continues in Nay Pyi Taw
Japan-backed Thilawa special economic zone expanding
Myanmar in Talks with Authorities from China
MNA air tickets to be sold at 15% discount at Travel Fair 2019
Myanmar fish breeders need to adhere to GAqP for EU market
Mobile Tax Payment System Expected to Start in June
ENI to start oil exploration process in Magwe this year
MPT Books and Putet Comics Join Forces to Provide Expanded Content
Government Closes Down 106 Car Sales Centers
Petrol prices anchored by strengthening kyat: officials
Over 16,000 tons of jade produced in six months last year
Residents near Wetthe Lake earning good income from lotus fibre production
2 Percent Withholding Tax Returns
CityMart replaces FMI to rank first in Pwint Thit Sa corporate disclosure report
Vice, gambling and tiger parts on Myanmar’s China frontier
Four local life insurance providers form JVs with foreigners
Yangon Government Issues Condominium Licenses for 32 Developers
Mogok attracts more tourists in six months since opening to foreigners
Yangon Government Issues Condominium Licenses for 32 Developers
YSX’s stock trading slumps
AGC Group's Indonesian Company, PT Asahimas Flat Glass, Starts Commercial Production of High Value-added Products at Cikampek Plant
Local Animal Feed Prices Unstable
Sales of Shared in FMI Air Limited
CBM Allows WeChat Trial in Selected Areas
More News