Singapore-based payment solutions company 2C2P Pte Ltd has teamed up with Myanmar Citizen Bank (MCB) to launch a Point of Sale (POS) system that allows merchants in Myanmar to accept major international payment cards.

The service, introduced on 5 February, includes comprehensive payment processing capabilities for MasterCard and Visa, as well as several features that are said to be a first in Myanmar. For example, it allows merchants to manage their transactions using a real-time web-based portal, and to use a “pre-authorisation” function which enables them to take orders via email and call centres.

Mr Myint Win (third from left in photo above), Managing Director of MCB, one of the licensed private banks in Myanmar, said the bank has been working with 2C2P for the last six months to perfect the POS solution. “We pay a lot of attention to detail and we make sure that the services we offer are of a high quality before signing up merchants,” he said. “We strongly believe that our current and future clients will reap great benefits from our POS solution.”

The introduction of the POS system was followed by the unveiling of Myanmar’s first Mobile POS (mPOS) solution on 18 February. The solution iACCEPT, introduced by 2C2P and MCB in collaboration with Myanmar Hotels International Group, transforms both iOS and Android smart phones into mobile POS systems. It allows guests at Inya Lake Hotel and the Strand Hotel – both luxury hotels under Myanmar Hotels International Group – to make payments using MasterCard and Visa for in-room express check out for VVIP guests.

The day after the iACCEPT launch in Myanmar, 2C2P announced an innovative and secure bill payment solution, easyBills, in Thailand. A partnership with MasterCard, easyBills is the first Thai payment solution to let users pay bills using just their mobile devices, or their computer, by inputting their MasterCard details.

The launch of the three payment solutions are significant milestones for 2C2P, established in Singapore in 2003.  “At that time, the payment processing business, or e-commerce business, was still in its infancy,” said the company’s Founder and Group Chief Executive Officer Mr Aung Kyaw Moe (extreme right, in photo above).

Mr Aung decided to use Singapore as his base because of the country’s reputation as a Southeast Asian hub, and as one of the key financial centres in Asia. “Having our headquarters in Singapore enables us to give a good first impression,  an important point for a payment services provider,” said Mr Aung. “Singapore is also politically and financially stable and it is very easy to do business here. It also has a great mix of talent.”

The company started by providing payment authentication software, before evolving to provide payment processing services. Today, 2C2P is an international payment processor that works with all credit card organisations worldwide, as well as with numerous acquiring banks across Asia. It offers comprehensive payment processing solutions for e-commerce and m-commerce businesses, as well as alternative (non-credit card) payments that allow customers to pay offline, over-the-counter, or through online direct debit. It also offers a One-Time-Card solution that helps businesses manage payments to suppliers, agents, service providers or other business counterparties without the need for cumbersome wire transfers or other expensive payment methods.

One of 2C2P’s key strengths is its focus on security. The POS solution that was launched with MCB runs on 2C2P’s payment platform, which meets the highest security standard set by the payment industry – the Payment Card Industry Data Security Standard Level 1.

2C2P, with a presence in nine countries, first entered the Myanmar market in early 2013. The company’s collaboration with MCB took off when it joined a delegation to the International Myanmar ICT Exhibition 2013, led by the Infocomm Development Authority of Singapore (IDA). With strong government-to-government and government-to-business relationships with Myanmar, IDA also helped 2C2P to identify business opportunities in the country.

“Myanmar is opening up very rapidly and the country is in need of various kinds of payment processing services. I believe 2C2P will find good opportunities there,” said Mr Aung.