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Roundup: Myanmar introduces int'l e-payment services in preparation for SEA Games
YANGON, Feb 28, 2013 (Xinhua via COMTEX) --
Myanmar has taken measures to
introduce international electronic payment services, bringing in
so far three international payment cards to facilitate foreign
travelers in domestic payment in preparation of the upcoming
Myanmar-host 27th Southeast Asian (SEA) Games in December this
year.
The three international payment cards are Master, Visa and
China Union Pay (CUP) cards and it is expected to add Japan Credit
Bureau (JCB) card soon.
Master Card was introduced as the first international e-payment
card in Myanmar in November 2012, followed by Visa Card in
December 2012 and CUP card in February 2013.
The introduction of the three international payment cards is a
follow-up program of MPU (Myanmar Payment Union) card which was
offered for local citizens.
The move-in of the international bank cards came after the
United States eased some financial sanctions on the country,
before which foreign visitors were unable to use international
credit cards on account of such sanctions on money transactions
since 2003.
Myanmar's monetary reform is made in coordination with member
banks of Myanmar Payment Union (MPU), the Central Bank of Myanmar,
Internal Revenue Department, Myanmar Posts and Telecommunications
(MPT) and Myanmar Information Technology (MIT) Co..
MPU was established in September 2011 by 17 domestic banks in
Myanmar including three state-owned banks and 14 private banks and
starting September 2012, MPU debit card was introduced for
services domestically.
The three international payment cards are cooperating with
three Myanmar private banks -- Kanbawza Bank, Cooperative Bank and
Myanmar Oriental Banks in offering services at the banks'
automatic tellers machine (ATM) and points-of-sale.
Tourists and business travelers with these international cards
are able to withdraw money in local currency (Kyat) at ATMs of the
three banks.
At present, there are 198 ATMs and 465 points-of-sale with the
MPU member bank network.
The service charge for each withdrawal is 5,000 kyats (5.95
U.S. dollars).
In addition to allowing in international e-payment cards,
Myanmar is also making efforts to introduce MPU card for use in
foreign countries in 2014 to facilitate Myanmar citizens traveling
abroad.
International banking cards are being invited to join in MPU
member bank network and sign agreement with Myanmar for the e-
payment services abroad.
Meanwhile, as a continued measure of easing its financial
sanctions, the U.S. Treasury Department has allowed in late
February four Myanmar state and private banks access to American
financial system. There are 19 private banks and four state-owned
banks in Myanmar.
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