KBZ Pay (Huawei)
KBZPay is a mobile wallet from KBZ Bank in Myanmar. It allows people to send and receive money from their mobile phone, pay for goods using QR codes, and withdraw cash from authorised agents. At the last count, KBZPay has more than eight million users.
Just 26% of the citizens of Myanmar have a bank account. That makes supporting alternative payment methods vital for any merchant planning to expand or sell cross-border into Myanmar.
Other e-wallets operating in Myanmar include BitPay, GrabPay, 123, PaySera and UnionPay.
The benefits of supporting e-wallets in Myanmar
- Over 40% of Myanmar’s citizens are online but just 26% have a bank account.
- The online population is growing by 6.6% a year. That’s a large pool of potential customers.
- Since the pandemic, the online payments sector is growing at over 7% a year.
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