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Public mistrust slows adoption of e-commerce in Myanmar

The use of electronic payments in Myanmar, particularly at shopping centres and in online shopping, has been slowly catching on since the government made digital technology a priority in the 2015 National Export Strategy. In addition to banks issuing Myanmar Payment Union (MPU) cards for electronic payment, mobile wallet applications like CB Pay, KBZPay, AGD […]

Government support needed to develop digital payment habits in Myanmar

Government support is badly needed for the local digital payments sector to develop further, U Zaw Lin Htut, CEO of Myanmar Payment Union (MPU) told The Myanmar Times in a recent interview. Despite the MPU’s attempts to reduce cash dependency since 2012, local payments are still mainly settled via paper money. Even for payments for […]

Banks in Myanmar will adopt UnionPay Chip Card standard

The Myanmar Payment Union (MPU) and UnionPay International (UPI) have collaborated to implement a common UnionPay chip card standard in the country. The UnionPay chip card standard complies with the global EMV chip card standard, and will be adopted by all banks operating in Myanmar. The UnionPay chip card standard emerged as the standard of […]

CBM brings real-time settlement to banks

Myanmar’s banking system has taken another step toward modernisation, courtesy of the Central Bank’s new clearing and settlement system, which will make an “immense difference” to lenders’ day-to-day operations, bankers said. The long-awaited system – built with the help of the Japan International Cooperation Agency (JICA) – went live on January 6, according to an […]

Central Bank of Myanmar plans first real-time payments system

The Central Bank of Myanmar (CBM) plans to introduce a real-time gross settlement (RTGS) system by the end of 2015. Deputy governor Winston Set Aung says the country’s first ever RTGS will help to reduce the size of the cash economy, as the system will allow transfers between banks to be settled immediately. An unnamed […]

Myanmar Payment Union Forms Public Company

RANGOON — Burma’s sole domestic provider of card-based payments, Myanmar Payment Union, has formed a public company comprised of its 23 member banks, according to the organization’s chief executive officer Zaw Lin Htut. Myanmar Payment Union (MPU) had planned to form a public company in 2014 and Burma’s Directorate of Investment and Companies Administration gave […]