MasterCard Issues License to Bank in Myanmar

MasterCard Worldwide has issued a license to a Myanmar bank, paving the way for branded cards to be issued and accepted in the country for the first time.

The license agreement with Myanmar’s Co-Operative Bank Limited, one of the most established commercial banks in Myanmar with the largest ATM network in the country, will see the issuing of MasterCard branded cards and the acceptance of MasterCard / Maestro / Cirrus cards by ATMs within the country.

The agreement also enables merchants in Myanmar to accept MasterCard payment cards, giving them access to commerce and the ability to participate in the open, global payments system that MasterCard enables.

Research by the Economist Intelligence Unit earlier this year forecast that Myanmar’s economy would expand by 5.2% in 2012-13. International air arrivals alone jumped by 63% between 2009 and 2010, and a further 32% between 2010 and 2011, more than doubling from 100,439 in 2009 to 216,861 in 2011.

Vicky Bindra, President, Asia Pacific, Middle East and Africa, MasterCard Worldwide, said the deal with Co-Operative Bank Limited was a significant milestone for MasterCard Worldwide that would benefit businesses including the tourism sector.

“Allowing the issuing and acceptance of MasterCard branded cards in the country is a huge step forward for Myanmar’s banking sector, its merchants and for the country as a whole; this collaboration will bring more of Myanmar’s citizens into the financial system and will have a huge impact on tourism and travel,” Mr Bindra said. “Electronic payments will also be crucial in helping Myanmar connect to the global economy, facilitating business activity, and creating a better life for its citizens through financial inclusion.”

See other recent news regarding: Travel News Asia, Interviews, Pictures, Sports Tourism, Videos, MasterCard, Burma, Myanmar, MasterIndex