Plastic chips away at cash’s dominance in Myanmar

YANGON — Credit cards are gaining traction in Myanmar, where cash has long been king, with foreign players such as China UnionPay and Japan’s JCB lured by rising consumer incomes and an increasingly robust financial infrastructure. JCB, in conjunction with Myanmar Payment Union and Ayeyarwady Bank, also known as Aya Bank, debuted a credit card Tuesday […]

Myanmar Payment Union to Upgrade ATM Card System

RANGOON — The Myanmar Payment Union (MPU) signed with Vietnamese telecom multinational FPT and the National Payment Corporation of Vietnam (NAPAS) on Sunday to initiate a financial switching system, Zaw Lin Htut, chief executive officer of the MPU, told The Irrawaddy. As MPU’s partners, FPT and NAPAS will—starting this year—help facilitate a system upgrade for ATM […]

Vietnamese firm FPT to help build payment system for Myanmar

YANGON – FPT Corp has been selected as the main investor of Myanmar’s national financial switching system. Under the memorandum of understanding signed between the group and the Myanmar Payment Union (MPU) on July 31, FPT Information System (FPT IS) – a member of the FPT Corporation – will start developing the financial switching system […]

Jovago aims high in Myanmar with hotel-booking app for domestic tourists

A NEW HOTEL booking app has been launched in Myanmar with the aim of boosting domestic tourism. Developed by Jovago, the app is available in Burmese and features a selection of more than 700 hotels across the country. It is targeting partnering 95 per cent of hotels in Myanmar by the end of this year. […]

Myanmar gets its first contactless travel prepaid card

MASTERCARD in collaboration with Co-operative Bank (CB Bank) have launched a contactless travel prepaid card for Myanmar’s citizens, the first of its kind in the nation, in an effort to better tap on the country’s enlarging traveller base.   The CB EasiTravel Prepaid MasterCard Contactless card is currently available for signup and provides Burmese travellers […]

Myanmar card payments on the rise as MPU widens network

Card payments in Myanmar are set to rise over the next few months as local shops and supermarkets sign up to Myanmar Payment Union, signalling the beginning of a shift in one of the world’s last cash-based economies. MPU got off to a slow start when it launched in 2012, but with the rise of […]

Vietjet Offers Promotional Fares for Yangon-HCMC Flights

Vietnamese low cost carrier Vietjet said it is selling tickets at special prices for its newest route linking Yangon to Ho Chi Minh City in Vietnam. The sale will go on from 11:30 to 13:30 (Myanmar time) everyday from July 24 to July 29. The carrier said that “lucky tickets” will be available from $0 […]

MasterCard with Myanma Apex Bank launch prepaid card

MasterCard and Myanmar’s Myanma Apex Bank have partnered to launch a prepaid MasterCard the website reported on 22 July. The MAB Travel Prepaid MasterCard aims to provide Myanmar customers with an easier way to pay for purchases during their travels or make online purchases. The latest MasterCard survey on Consumer Purchasing Priorities – Travel […]

Southeast Asian Payments Provider 2C2P Raises $7 Million From Amun Capital and Japan’s GMO Venture

2C2P, a leading Southeast Asian payment services provider, has landed $7 million in Series C funding from Hong Kong’s Amun Capital and Japan’s GMO Venture Partners. That brings total funding for the 12-year-old company to $10 million. 2C2P will use the funds to make senior hires and to expand its “cards, cash and cash equivalent […]

Myanmar’s consumers show continued confidence; topping regional survey

Myanmar has once again topped the MasterCard consumer confidence index for Asia Pacific, while confidence for the region as a whole has fallen from the ten year high registered in the first half of 2014. Emerging markets continue to show optimism in the results, Myanmar, India and Indonesia topping the index for the second half […]