Mastercard has teamed with Co-operative Bank (CB Bank) to launch Classic, Gold and Platinum Mastercard cards, which will be made available to Myanmar residents and citizens when traveling abroad.
The latest Mastercard research revealed that Myanmar is the fastest growing outbound travel market in Asia Pacific with a growth projection of 10.6% for the next five years.
Since entering the market in 2012, Mastercard has strived to assist Myanmar in its nascent journey towards financial inclusion. In October 2013, Mastercard and CB Bank had launched Myanmar’s first ever payment product, a prepaid travel card for locals called the CB Bank EASI Travel Prepaid Mastercard card, which has seen a healthy take-up rate. Approximately seventy new card applications on average are received every day, according to Mr. Kyaw Lynn. The latest of their efforts include the launch of Mastercard’s first contactless card in Myanmar.
With less than 10% of the population holding bank accounts, there is still so much that needs to be done to bring more citizens into the financial system and it is widely acknowledged that the journey to financial inclusion in Myanmar will not be a smooth one.
In a report by The Fletcher School, Tufts University – conducted with the support of Mastercard and the Myanmar Development Resource Institute’s Center for Economic and Social Development (MDRI-CESD) – one of six key findings point to trust playing a key role in increasing adoption of financial services.
This means there a stronger impetus and opportunity for Mastercard to assist in rebuilding the financial sector and bringing greater financial access to the population.
The number of ATMs in Myanmar which accept Mastercard has been growing at an astounding rate, from over 140 ATMs in 2013 to almost 1,800 ATMs in just three years, marking a near 13-fold increase. The number of point-of-sale (POS) acceptance terminals grew from 72 to over 3,800 in the same period, which signify a strong adoption of cashless payments. At present, more than 3,200 restaurants, retail outlets and hotels in Myanmar accept payment cards.
For a complete archive of more than 70,000 articles published since 1995 search the CardFlash.com library