Japanese Credit Bureau-linked electronic payment cards can be used at 17 member banks of the Myanmar Payment Union from September, following the signing of an agreement between the two agencies on July 4.
MPU launched its cards in September but supporting
infrastructure, such as stable electricity and internet connections,
remain untrustworthy for many potential users. It is aiming, however, to
upgrade its electronic payment network in time for the Southeast Asian
Games in December and before Myanmar assumes the chair of ASEAN next
year.
Central Bank of Myanmar deputy director general U Maung
Maung said a functioning electronic payments system will encourage
innovation in the banking sector and reduce reliance on cash. “It will
play a crucial role in providing economic and financial stability, and
contribute to safety and efficiency,” he said.
From September the
JCB debit card can be used at 292 automatic teller machines and 1772
point of sale terminals linked to 17 MPU member banks, U Maung Maung
added. The central bank is also trying to encourage an electronic
payments system to support growth in the retail sector, as well as to
create a payment mechanism for the planned stock exchange and bond
market.
It has enlisted international financial institutions, as
well as state-owned and private banks, to assist this process. Hideaki
Matsuo, a counsellor at Japan’s embassy in Yangon, said Japan has
provided a broad range of support to Myanmar over the past year,
including forgiving billions of dollars in debt, providing technical
support to the Central Bank and several ministries and assisting the
planning of Yangon city, he said.
source: The Myanmar Times
No comments:
Post a Comment