News Update

2C2P Launches ‘1-STOP’, The First E-Commerce Network For Rural Myanmar

• 1-STOP – a free-to-join network of sellers and buyers – aims to bring e-commerce to Myanmar’s urban and rural communities. To many, this is for the very first time. • Microfinance for the masses: anyone in the country can form their own e-commerce business with the 1-STOP smartphone app, selling goods and services as millions of Myanmar’s citizens are now made accessible. • Payment transactions for e-commerce purchases completed through 1-STOP’s over-the-counter cash acceptance network, with over 3,000 locations.

2C2P , the leading Southeast Asian payments services company, has launched 1-STOP, an e-commerce network for rural Myanmar. 1-STOP aims to bring e-commerce capabilities to Myanmar, particularly its non-urban and agricultural communities, by providing first time access to digital goods and services. The 1-STOP network is free-to-join through its mobile app, available on the Google Play store.

Myanmar’s citizens can buy online and pay offline through 1-STOP’s over-the-counter cash acceptance network. This network comprises over 3,000 locations, through 2C2P’s strategic partnerships with Myanma AWBA Group, Myanmar’s largest distribution network for the agriculture sector; retail and convenience store chains Capital Hyper Mart and Grab & Go; mobile stores eCity, Lu Gyi Min and Mr.Fone; as well as a number of independent mom and pop stores across the country.

1-STOP also brings microfinance to the masses, empowering every single Myanmar citizen – now just a click away from starting their own e-commerce business. For sellers, 1-STOP achieves this by enabling the sale of telco recharges for MPT, MECTel, Telenor and Ooredoo, e-wallet and gift card top-ups, as well as accepting payment for e-commerce purchases, electricity and other utility bills – all of this through their smartphones.

Aung Kyaw Moe, CEO and Founder of 2C2P said, “Our vision is to make full-fledged e-commerce a reality in Myanmar. We believe 1-STOP is a key step towards this goal – its financial ecosystem provides Myanmar’s communities access to digital goods and services. We are transforming the country’s payments and financial services landscape – one which is logistically fragmented, traditionally cash-based and is underserved by banking and financial institutions. Everyone in the 1-STOP ecosystem can now transact with ease, overcoming previous limitations – geography, technology, and financial services infrastructure. What excites us the most is the potential to apply this to rural regions and the agricultural sector, in particular, of which seventy percent of the labour force is engaged in, is tremendous.”

According to the World Bank, 70 percent of Myanmar’s labour force of 32.5 million is directly or indirectly engaged in agricultural activities, or depend on agriculture as a source of income. However, according to Myanmar’s Directorate of Investment and Company Administration, of the US$38 billion received in foreign investment in the last five years, only US$208 million was committed to the agricultural sector.

Agribusinesses stand to benefit through 1-STOP’s distribution network. Farmers, dealers and businesses can now transact more easily, including collecting loan instalments from micro-finance institutes (MFIs), allowing agents to sell micro insurance, including for snake bites, and offering tailored services for the farmers such as equipment rental, supporting transactions around irrigation, solar and cold storage, and collection of subsidies from government agencies.

1-STOP aims to modernize Myanmar’s cash-based economy, through its online-to-offline commerce approach, suited for the Myanmar market, characterized by relatively high smartphone penetration, but limited e-payments infrastructures. Research firm Ovum estimates mobile subscriptions in Myanmar grew by 87.4 per cent in 2014, to 10.7 million. This is forecast to grow at 21 per cent compounded annual growth rate (CAGR), to reach 38.5 million by end-2019, as operators expand their networks to rural areas.

“Myanmar is in a period of economic transformation, driven by demographic trends and rising mobile penetration. We strive to continue to empower millions of its citizens by making e-commerce a reality. Myanmar’s time is now,” added Aung.

1-STOP follows a number of first-of-its-kind initiatives launched by 2C2P in Myanmar. In June 2015, it launched easyBills, the country’s first online bill payment solution. Prior to that, 2C2P, along with Myanmar Citizens Bank, launched ‘Citizen Card’, a reloadable prepaid card accepted by MasterCard and merchants globally. In February 2015, 2C2P developed and implemented Myanmar’s first ecommerce payment platform, together with Myanmar Payment Union (MPU), allowing Myanmar’s citizens to search, select and directly pay for online purchases. 2C2P processed more than US$2.2 billion in transactions in FY2014.

About 2C2P
2C2P is a leading Southeast Asian (SEA) payment services provider. It offers a number of comprehensive, technology-driven, omni-channel payment services tailored to the needs of financial institutions, e-commerce and m-commerce businesses and retailers, facilitating electronic and mobile commerce. 2C2P enables payment acceptance through credit and debit cards, as well as through bank channels such as ATMs, internet banking and mobile banking. 2C2P also facilitates cash acceptance via payment counters, an important feature in SEA, a region characterized by low card penetration. With 2C2P's comprehensive omni-channel solutions, merchants can now transact with both banked and unbanked customers.

2C2P is a PCIDSS Level 1 certified company. The company processes billions of dollars in transactions for many businesses. 2C2P has offices across Southeast Asia, including in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Philippines and Thailand, as well as in Hong Kong. In 2015, 2C2P was recognized by CBInsights as one of the world's top 25 payment startups. It is a 2013 Deloitte Technology Fast 500 Award winner, recognized as one of Asia's fastest growing technology companies.

http://www.2c2p.com


About ‘1-STOP’
1-STOP is an over the counter cash acceptance platform in Myanmar. It aims to bring digital commerce capabilities to Myanmar’s masses, particularly its rural and agricultural communities, by providing access to digital services and goods – cheaply and conveniently. 1-STOP is a free to join ecosystem for potential partners through its mobile app, available on the Google Play store.

https://play.google.com/store/apps/details?id=com.nme.onestop