KBZPay, the new digital payment platform from Kanbawza Bank (KBZ), is off to a strong start with over USD 1.8 million in transfers, the company said.
The app-based service, which launched in October 2018, allows people to hold funds and make instant transfers to other users. To cash out, the app generates a security code that allows users to withdraw funds at any KBZ ATM machine. “In their first year, KBZPay has enabled free money transfers via Peer-2-Peer (P2P) transactions for 1 in 10 Myanmar adults,” Myanmar Business Today quoted KBZ CEO Mike DeNoma as saying.
Since its launch, KBZPay has drawn more than 3.5 million users and more than 230,000 partner merchants, according to a report by Myanmar Business Today. The service’s success is not limited to Myanmar’s major cities. KBZ claims one in three KBZPay users are from outside Yangon, Mandalay and Shan State.
The success of KBZPay comes amid an awkward stage for Myanmar’s “fin-tech” industry. Digital platform Red Dot, much celebrated when it entered Yangon in 2015, shut down early this year. KBZ isn’t the only Myanmar bank pushing a new e-wallet service. Yoma Bank’s SMART and CB Bank’s iBanking platforms are also vying for users. Which of these platforms will emerge as clear, legitimate leaders, akin to foreign giants like Venmo and PayPal, remains to be seen.
