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 […]

Official kyat rate strengthens for first time this year

The Central Bank of Myanmar has strengthened the official kyat-US dollar exchange rate for the first time this year, after the local currency had steadily lost value in 2015. Money changers said their rates were close to the Central Bank’s, in contrast to most of the year when there were some gaps as high as […]

Visa Opens Myanmar Office Banking on High Growth

American payment giant Visa Inc has opened an office in Yangon in a bid to expand its growing footprint in Myanmar’s nascent electronic payments market. Visa said since entering the country in October 2012 it has seen “considerable growth” in the uptake of electronic payments. Last year, transaction volume, payment volume and card numbers have […]

KBZ to Upgrade ATMs after Security Breach

Kanbawza (KBZ) Bank will upgrade the security systems of its ATM machines after K20 million was stolen from ATMs in Yangon in late November, according to an official from the bank. The new “3D security system” will be installed soon and new security staff will be hired to heighten the security of ATMs while security […]

China UnionPay International card to be introduced in Myanmar next month

YANGON, Aug. 22 (Xinhua) — China UnionPay International (UPI), in cooperation with Myanmar’s Cooperative Bank (CB), will introduce EASi Travel UnionPay card for the first time in Myanmar starting on Sept. 1 to facilitate Myanmar citizens in domestic and international payment, a bank official said here Friday. The EASi TRAVEL UnionPay Card issued in Myanmar […]

Building banking depends on trust

More trust is needed to increase the banked population, which languishes at 5 percent of the adult population, according to experts. There are now 798 commercial bank branches in Myanmar – rising to well over 1000 if state-owned bank branches are included – and also 700 ATMs and 2813 point of sale devices as of […]

Myanmar Payment Union Plans to Form Public Company

YANGON — Myanmar’s only card payment system, the Myanmar Payment Union (MPU), plans to become a public company before the end of this year, MPU general secretary Ye Min Oo said on Tuesday. Founded in 2011, MPU’s members include 18 local banks, three of which are state-owned. MPU set up the first ATM card payment […]

Myanmar-made VISA cards set for SEA Games debut

Consult-Myanmar welcome you to the 27th SEA Games Myanmar, 11-22 Dec 2013 Privately owned Co-Operative Bank plans to manufacture and issue prepaid VISA cards in Myanmar ahead of December’s SEA Games, CB Administrative Managing Director Pe Myint told Mizzima yesterday. The cards will allow users to withdraw cash from ATMs in Euros, and US and […]

Visa, local banks plan multicurrency credit card for Myanmar travellers

Consult-Myanmar welcomes you to the 27th SEA Games Myanmar, 11-22 Dec 2013 Visa is working closely with banks in Myanmar on the Visa multicurrency travel prepaid card to make it easier for people to go abroad. The launch of the card will mark a milestone in the country’s financial system, opening the global marketplace to […]