Yangon, September (23)
Some users of KBZPay, a mobile wallet service, have been banned these days, causing users to lose confidence to the extent that they no longer keep money in their accounts and converted to cash, KBZPay users told Than Lwin Times.
On September 19, some users reported on social media that their KBZPay accounts had been blocked in the country.
KBZ Pay users are currently paying a 2 to 3 percent service fee and exchanging cash for fear of account closure.
Some have transferred their digital money to their bank accounts with an online banking system.
A KBZ Pay customer stated that he is using and transferring funds in his account because he is concerned that his mobile money account will be seized.
Currently, certain services and businesses only take direct cash payments and no longer accept mobile payments.
General Zaw Min Tun, the spokesman for the military council, said at a press conference on September 20 that this was done for the purpose of security of people’s personal financial information and the prevention and suppression of terrorism.
On the other hand, some KBZ Pay agents have temporarily stopped their services, and some have transferred money from their accounts to reliable banks.
KBZ Pay announced on September 21 that users can inform the central bank by email if they have been temporarily banned from using their accounts.
Additionally, some KBZ Pay accounts are currently temporarily barred from being used by directives from the financial regulatory body, and KBZ Pay apologizes for any inconvenience this may cause to users, the statement said.
News – Than Lwin Times
