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 […]

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 […]

E-Payment Services to Come Online in February

RANGOON — Burma’s sole domestic card-based payment system, Myanmar Payment Union (MPU), will offer online services beginning in early February, according to an executive. Chief Executive Officer of MPU, Zaw Lin Htut, told The Irrawaddy that local cardholders will soon be able to make online purchases after companies enroll with one of the firm’s 20 […]

Credit Bureau Delayed by ‘Second Thoughts’ About Foreign Stake

YANGON — Although financiers in Myanmar have been trying since 2012 to form the country’s first credit bureau, concerns about how much foreign involvement in the process should be allowed have delayed their efforts, bankers said this week. The Central Bank of Myanmar aims to form the credit bureau to allow lenders to check the […]

Shadow of Decade-old Bank Crisis Looms over Credit Card Plans

In a world where modern banking services are almost universal, few things shout “economic backwater” quite like the absence of ATMs and credit cards. These days, even Myanmar—which was for decades one of the world’s most economically isolated countries—has a handful of ATMs in major urban centers, providing the sort of convenience that most of […]

JCB Credit to be launched in Myanmar in September

Japan Credit Bureau (JCB) signed a deal with Myanmar Payment Union (MPU) in Yangon on Thursday last week to launch its credit card in the country. The agreement includes withdrawing cash from the automatic tellers machines (ATM) with JCB cards starting from September this year. The signing ceremony of Master License Agreement for Acquiring Business […]