Myanmar gets a breakthrough in e-commerce and m-commerce with the recent launch of iACCEPT, an innovative payment solution that transforms both iOS and Android smartphones into a mobile point of sale (mPOS) system by acccepting MasterCard and Visa international payment cards.
This first mPOS is launched by Singapore-based 2C2P, a comprehensive payment solutions provider following a US$2 million dollar Series B investment, in partnership with Myanmar Hotels International Group.
iACCEPT is now available in Inya Lake Hotel and The Strand Hotel, both under Myanmar Hotels International Group. With this system these two luxury properties can provide in-room express check out facilities for their guests, as the latter are able to make payments through MasterCard and Visa inside their rooms.
U Myint Win, managing director of Myanmar Citizens Bank, explained that iACCEPT turns smartphones into a POS device by simply attaching one small card reader with ability to read magnetic stripe cards and EMV chip cards. The solution also enables merchants to use the POS right in front of the customers, instead of taking the card away from them.
“This will bring customer service to the next level by providing a luxurious convenience. iACCEPT makes transactions more secure, as they are processed right before the customers’ eyes. Both the hardware and software of the iACCEPT solution are very advanced and innovative, extending the capability of POS beyond traditional POS terminals,” he added.
iACCEPT solution runs on the same backbone of 2C2P’s PCIDSS Level 1 (Payment Card Industry Data Security Standard Level 1) payment platform, so it is as secure as a traditional POS terminal. PCIDSS Level 1 is the highest security standard recognition set by the payment industry.
Sukhdeep Singh, managing director of Myanmar Hotels International, added, ”iACCEPT will take our hotels a step forward in our quest to provide service and convenience of the highest-level possible.”
Antonio Corro, country manager, Myanmar and Thailand at MasterCard hopes the adoption and integration of mPOS technology into a merchant’s current payment environment will not only enhance the retail and payment experience for consumers, but will also pave the way for more digital convergence in the near future with innovations such as NFC or contactless capabilities, QR codes and digital wallets.
“Given the shift we’re seeing among the Myanmar consumers’ acceptance of mobile technology, we believe this can and will play an important role in further developing the electronic payments landscape in Myanmar as we continue to work towards a world beyond cash.”
• Photo credit (mobile phone): LDprod/Shutterstock
