Yangon-based Myanmar Payment Union (“MPU”), the national payment network of the Republic of the Union of Myanmar has inked a deal for MPU member banks in Myanmar to issue MPU/JCB co-branded cards linking to their customers’ saving bank accounts.
2C2P payment services provider and Myanmar Citizens Bank launched the Citizen Card, a reloadable prepaid card accepted by MasterCard merchants globally. Supply of the Citizen’s Card will be limited to 5,000 units. Citizen Card can be obtained at any MCB branch in Myanmar. It is also available via the MCB website by filling out an online form. Cardholders will enjoy special benefits with merchant partners, in addition to waived sign-up fees. Existing cardholders can add value to their Citizen Card at any MCB outlet, with more top up options rolling out in 2015. According to McKinsey & Co, Myanmar is expected to quadruple the size of its economy from US$45 billion to over US$200 billion by 2030, with per capita GDP rising from US$1,300 in 2010 to $5,100 by 2030.