Developed by 2C2P, a Singapore-based payment services provider, and Myanmar Citizens Bank (MCB), the card comes with an optional smartphone app for both iOS and Android platforms that allow cardholders to manage transactions in real-time and get online support.
The Citizen Card will be limited to 5,000 units and can be obtained at any MCB branch in Myanmar or via the MCB website by filling out an online form.
Cardholders will also 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 to be released later in the year.
Aung Kyaw Moe, group CEO at 2C2P, said that the Citizen Card will benefit both physical and online shoppers, as well as users who go overseas. Cardholders are entitled to special benefits and privileges at destinations such as Thailand and Singapore.
Myint Win, managing director of MCB, said: “Myanmar is on course to boom over the subsequent years. Within the last two years, the country has seen its first ATM, the first debit card and the first internationally accepted card.”
According to McKinsey & Co, the size of Myanmar’s economy is expected to rise from US$45 billion to over US$200 billion by 2030, with per capita GDP growing from US$1,300 in 2010 to US$$5,100 by 2030.
“Myanmar is slowly moving to embrace cash-alternative solutions. The country is in need of various kinds of payment processing services. I believe 2C2P will find good opportunities here,” said Aung Kyaw Moe.
Source: TTG Asia