Myanmar private-run Cooperative Bank (CB) has launched EASi Travel
Master Card, becoming the first bank to sell such travel card in the
country to local citizens traveling overseas, official media reported
Tuesday.
"The cooperation between CB Bank and Master Card will strengthen amity, trust, finance and banking industry of Myanmar and US government," Yangon Region Chief Minister U Myint Swe was quoted by the New Light of Myanmar as saying.
"The cooperation between CB Bank and Master Card will strengthen amity, trust, finance and banking industry of Myanmar and US 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.
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.
source: Global Times
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