MasterCard has signed an agreement with
Myanmar’s second oldest commercial bank for the issuing of branded
cards, becoming the first international payment network to operate
in the country.
The deal with the local Co-Operative Bank also
means that MasterCard cards will be accepted on the bank ATM
network and at point-of-sales in the future. Only a few
Myanmar’s hotels currently process foreign card transactions, and
the first ATM in the country was rolled out by Co-Operative Bank in
November 2011.
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Vicky Bindra, MasterCard Asia/Pacific,
Middle East and Africa president said: “To be the first
international payments network to issue a license in Myanmar is a
momentous step for MasterCard and a testament to our commitment to
providing safe and secure payment solutions to all parts of the
Asia/Pacific region.”
The move comes a month after
Visa also announced plans to develop Myanmar’s electronic payment
network, starting by holding workshops with local banks’
employees.
Myanmar has been experiencing greater economic
openness following the suspension of US sanctions earlier this
year. The country will host the 27th Southeast Asian Game and the
World Economic Forum on East Asia in 2013.
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By GlobalData
