A DUAL-FUNCTION debit card to be released by the Myanmar Payment Union (MPU) and China-based UnionPay will be introduced in Myanmar to assist travellers with domestic and international payments, an official of the Central Bank of Myanmar (CBM) said yesterday.
Introduced by Asian Green Development (AGD) Bank, the AGD MPU-UnionPay debit card can be used as an MPU card at home and as a UnionPay card outside Myanmar, CBM deputy director-general U Win Taw told reporters.
The debit card can be used at ATMs, and points of sale and online both in Myanmar and abroad.
There are 800 ATMs and 3,000 electronic points of sale across Myanmar.
Myanmar introduced MasterCard as the first international electronic payment card in the country in November 2012, followed by Visa in December of the same year, UnionPay in February 2013 and the Japan Credit Bureau (JCB) card in September 2013, all in cooperation with private Myanmar banks
International bank cards came to Myanmar after the US has eased some of its financial sanctions on Myanmar, before which foreign visitors have been unable to use international credit cards since 2003.
MPU was established in September 2011 by 17 domestic banks in Myanmar, including three state-owned and 14 private banks. The MPU card was first offered to Myanmar citizens for domestic use in September 2012. Meanwhile, international banking card companies are being invited to join the MPU member bank network and sign agreements with Myanmar to enable international e-payment services.