The association representing
domestic bank card issuers, the Myanmar Payment Union, expects that its
debit cards will be accepted internationally next year, MPU committee
chairman Ye Min Oo said.
He said the committee was first inviting
issuers of bank cards in other countries to join its system and that
the second step would be to join systems in other countries so that
holders of MPU banking cards could use them internationally.
"In the first phase, the committee will
accept international payment cards [debit and credit] in its MPU system.
We are also inviting any card company that is interested in our system
to join it. Anyone who wants to work with us is welcome to make a
proposal," Ye Min Oo said.
The committee has already signed deals
with China Union Pay and the Japan Credit Bureau to allow their bank
cards to withdraw cash at ATMs in Myanmar.
The second phase will see MPU cards
accepted internationally, Ye Min Oo said, adding that MPU debit cards
will become credit cards soon.
Card holders are now able to withdraw
cash at any ATM of banks that have an agreement with the MPU. The
charges are 10 pyar per 100 kyats for transaction fees at other banks.
The MPU comprises three state-owned and
14 private banks in Myanmar. It was formed in September 2011 under the
Central Bank of Myanmar.
source: Eleven Myanmar
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