Mar 2, 2013

Myanmar to introduce e-payment card in foreign countries

Myanmar bank authorities will introduce Myanmar Payment Union (MPU) card in foreign countries in 2014 to facilitate Myanmar travelers abroad, local media reported Thursday.

International banking cards were invited to join in MPU member bank network and sign agreement with Myanmar as the first phase, said the Biweekly Eleven News.

For the second phase, tasks will be performed for introducing MPU cards in foreign countries.

MPU was introduced in September 2011 by 17 domestic banks in Myanmar including three state-owned banks and 14 private banks and starting from September 2012, MPU debit card was introduced for services domestically.

At present, there has been 198 ATMs and 465 points-of-sale with the MPU member bank network.

So far, three international payment cards -- Master Card, Visa Card and China Union Pay (CUP) Card have been allowed in the country and it is expected to add Japan Credit Bureau (JCB) Card soon.

There is a total of 19 private banks and four state-owned banks in Myanmar.

The move-in of the international bank cards came after the United States eased some financial sanctions on the country, before which foreign visitors were unable to use international credit cards on account of such sanctions on money transactions since 2003.

Source: Xinhua