Myanmar launches travel master card for local citizens
"The cooperation between CB Bank and Master Card will strengthen amity, trust, finance and banking industry of Myanmar and U.S. government," Yangon Region Chief Minister U Myint Swe was quoted by the New Light of Myanmar as saying.
"The launch of electronic payment system for Myanmar citizens in a short period of time by CB Bank will enable the travelers who visit foreign countries," he added.
Master Card had been introduced in November 2012 as the first international electronic payment card in Myanmar and the CB Bank was the first authorized to offer services with the card to accommodate the growth of business and tourist sectors in the country.
Tourist and business travelers with Master card, Maestro or Cirrus card are able to withdraw money in local currency (Kyat) at 36 CB Bank's ATMs across the country, including that in Yangon International Airport.
The introduction of Master Card was followed by that of Visa Card in December, 2012, China Union Pay (CUP) card in February 2013 and Japan Credit Bureau (JCB) in September 2013 in cooperation with more private banks to facilitate foreign travelers in domestic payment.
The introduction of the four international payment cards was a follow-up program of MPU (Myanmar Payment Union) card which was offered for local citizens.
MPU was established in September 2011 by 17 domestic banks in Myanmar including three state-owned and 14 private ones and starting September 2012, MPU debit card was introduced for services domestically.
In addition to allowing in international e-payment cards, Myanmar is also making efforts to introduce MPU card for use in foreign countries in 2014 to facilitate Myanmar citizens traveling abroad.
International banking cards are being invited to join in MPU member bank network and sign agreement with Myanmar for the e- payment services abroad.
There is a total of 19 private and four state-owned banks in Myanmar.
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