Smartphone Payment System To Be Used in Shopping Centers in Myanmar

Concerted efforts are being made to be able to use third party payment software (via phone payment system) by all smart phone holders in the shopping centers in Myanmar.

Ko Thaw Htun Aung, the executive director of Myanmar First Blockchain (MFB) told the Medias before the China-Myanmar economic cooperation and financial technology development forum, “We don’t need to hold the cash and also credit cards anymore. We are able to run our businesses and all types of purchases through our smart phones.

” Myanmar First Blockchain Co., Ltd (MFB) comprises 200 former employees of Alibaba Group which is an online organization. The China-based MFB introduced a third party payment system (Software) which is exclusively designed for Myanmar.

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The forum was held with the purpose of to launch the technology by MFB. Then, it will become advent technology useful for the government activities to be able to connect with other governments and for the entrepreneurs to be able to connect with the banks in their business activities, he explained.

MFB introduced the concept and accessibility of software in Myanmar but they have not yet connected to the government ministers. They will continue the process in accordance with the current legal measures of Myanmar central bank.

The process will be started to run in this year if MFB gets the permission of the Central Bank. It is expected that 1 million of population can be used the system. In addition, MFB will invest US$ 5 million in the country’s infrastructures sector and it could increase if the process more prospers.

Smartphone users have to install an application. In addition, the face security system is also installed so even if the users have lost their smart phones, the security will still cover to restore the money.
The Third Party Payment system is now widely used in the world including Philippines, Thailand, Singapore, Hong Kong and Macao, Ko Thaw Htun Aung said.

“The payment system is not widely used in Myanmar. It will be more convenient if the system is linked with the online shops. The online shops face difficulty in purchases. So, we have to link with the online shops,” IT expert Ko Thi Ha said.

At present, the online payment systems being used in Myanmar are OK $ and mobile banking.

Credit: The Irrawaddy
Translated by: iMyanmarHouse.com