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Dual-function debit card seeks introduction in Myanmar

Xinhua, January 21, 2016 Adjust font size:

A dual-function co-brand debit card, MPU-Union Pay, will be introduced in Myanmar, aimed at facilitating travelers in both domestic and international payments, an official of the Central Bank of Myanmar (CBM) said Thursday.

Introduced by the private Asian Green Development (AGD) Bank, the AGD MPU-Union Pay co-brand debit card is a kind of chip card that can be used as MPU card at home and as Union Pay card outside Myanmar, deputy director-general of the CBM U Win Taw told a press briefing here.

The AGD co-brand debit card can make cash transaction at automatic teller machines (ATM) and points-of-sale (POS) as well as online payment both at home and abroad.

So far, there has been 800 ATMs and 3,000 POS across Myanmar.

Myanmar introduced Master Card as the first international electronic payment card in the country in November 2012, followed by Visa card in December of the year, China UnionPay (CUP) card in February 2013 and Japan Credit Bureau (JCB) card in September 2013 in cooperation with private banks in Myanmar respectively.

The international payment cards emerged as a follow-up program of MPU (Myanmar Payment Union) card which was offered for local citizens for domestic use.

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.

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

Meanwhile, international banking cards are being invited to join in MPU member bank network and sign agreements with Myanmar for the e-payment services abroad. Endit