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Myanmar has 1.8 mln local payment card users: report

Xinhua, April 26, 2016 Adjust font size:

The users of Myanmar Payment Union (MPU) card, which is used for local payment, has reached 1.8 million in number as of early 2016, official media reported Tuesday.

MPU card is a type of debit card which is the only card used for local direct payments. It started to function as credit card also recently.

A total of 23 local banks were listed as members of MPU. There are 2.5 million-3 million bank users in the country, of whom 1.5 million were MPU users in 2015.

There are about 3 million people aged 18 and above out of 30 million who have opened bank accounts in Myanmar. An official of the International Monetary Fund (IMF) has stressed the need to raise the awareness to promote the use of banking service.

The Central Bank of Myanmar is making efforts to establish an international payment system with the assistance of Japan International Cooperation Agency (JICA).

However, at present, payment in cash is still preferred in the country. Endit