August 19, 2016

MPU Card reaches 1.8 million users


THE number of MPU credit card users has reached 1.8 million people in Myanmar.
The Myanmar Payment Union credit card can be used to make direct payments from a Myanmar bank account.
“Electronic bill payment systems appear more often in the financial matters of local enterprises and can contribute to economic development,” said U Zaw Lin Htut, the CEO of MPU. There are between 2.5 million and three million bank users in the country, followed by 1.5 million MPU users in 2015, he added.
“A total of 23 banks were listed as members of MPU in late 2015. Expanding banking services can be attributed to the rising number of users. There are just about three million people who have opened a bank accounts in Myanmar out of 30 million people aged 18 and above. Therefore, banking services must be enhanced. Awareness campaigns must be conducted in order to promote the use of banking service,” said an official from the International Monetary Fund.
There are many points of sale where people can make payment using MPU cards and can withdraw money. The Central Bank of Myanmar is making efforts to establish an international payment system with the assistance of JICA. Currently, however, payment in cash is still preferred. The increase in the number of MPU card users can be attributed to rising freedom from the need to pay in cash, leading to a rise in safer financial behaviour.—KMK/Union Daily


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