16 Jan Time to pay with Myanmar’s first internationally accepted debit card

Written by Matt Roebuck Published in Service Read 4550 times
A staffer of the Asia Green Development Bank displays a debit card in front of ATM machine during the opening ceremony of the Myanmar Payment Union Data Center at the Central Bank of Myanmar, in Yangon, Myanmar, 14 September 2012. Photo: Lynn Bo Bo/EPA
A staffer of the Asia Green Development Bank displays a debit card in front of ATM machine during the opening ceremony of the Myanmar Payment Union Data Center at the Central Bank of Myanmar, in Yangon, Myanmar, 14 September 2012. Photo: Lynn Bo Bo/EPA

Japanese payment brand and leading credit card issuer and acquirer in Japan; JCB, announced on January 14 that it expects within the year to launch the issuing of a co-branded dedit card with the Myanmar Payment Union.

JCB International, a global subsidiary of JCB signed a memorandum of understanding with MPU, the payment network founded by the Central Bank of Myanmar on January 9.

The card will be the first International ‘EMV’ – commonly known as ‘Chip and PIN’ card to be issued in Myanmar. MPU’s 20 member banks will be able to issue the co-branded cards linked to their customers’ savings accounts.

MPU cards, are currently only valid for domestic payment use, but will in future be accepted internationally across the JCB international network that includes about 27 million JCB merchants in 190 countries and territories around the world.

JCB will also help to introduce the implementation of EMV terminal and debit card acceptance in Myanmar, said the press release.

Mr. Mya Than, chairman of MPU, said, "MPU would be proud to issue co-branded cards with JCB. A card issuing partnership would provide our member banks the opportunity to expand their product portfolio and allow consumers to reach the global market and also the international E-commerce market with one single card.”

Mr.Koremitsu Sannomiya, JCBI president said in a press release "Myanmar's payment card market has high potential for the future as the nation has opened to the world and the economy and consumer affluence continue to grow.”

Adding in reference to their partnership with MPU, “JCBI has been able to offer the benefit of our international experience and flexible approach to help to grow financial institution businesses."