China Union Pay (CUP) has launched its payment service in co-operation with Myanmar Payment Union (MPU)

Users of CUP can withdraw Myanmar Kyat currency from the automatic tellers machines (MTU) of MPU member banks and make payment at its points-of-sale as well as at relevant hotels.

MPU was established in September 2011 by 17 domestic banks in Myanmar including three state-owned banks and 14 private banks and starting September 2012, MPU debit card was introduced for services domestically.

At present, there have been 198 ATMs and 465 points-of-sale with the MPU member bank network.

In terms of the number of card issued, the CUP has also become the world’s biggest brand of bank card payment.

Master Card was introduced as the first international electronic payment card in Myanmar in November 2012, followed by Visa Card in December of the year. Currently both MasterCard and Visa can only be used for making cash withdrawal at selected bank ATMs, electronic payments at hotels and restaurants is still not possible.

There are a total of 19 private banks and four state-owned banks in Myanmar.

Besides Master, Visa and CUP cards, Myanmar has also allowed introducing services for JCB (Japan Credit Bureau) to facilitate foreign travelers in domestic payment.

Source: China Daily

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