MasterCard and Co-Operative Bank (CB Bank) have teamed up to introduce three new credit cards for Myanmar residents and citizens travelling abroad.
The Classic, Gold and Platinum MasterCard-branded credit cards will enable the bank to tap the one of the fastest growing outbound travel markets in Asia Pacific with a growth projection of 10.6% for the next five years.
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Commenting on the launch of new credit cards, CB Bank executive vice chairman and CEO Kyaw Lynn said: “As more Myanmar residents and citizens travel abroad, it is crucial to have convenient and secure access to their funds wherever they are. A cashless society is an important goal for CB Bank.
“Although still a work in progress, we are working hard with like-minded partners such as MasterCard to achieve that goal by expanding the payment options, increasing usage of ATMs, POS terminals and enhancing e-commerce capabilities.
“For starters, we are already seeing a great shift from cash to electronic payments. And on average, there are 9,000 transactions being made monthly via electronic payment at the point-of-sale.”
After foraying into Myanmar in 2012, MasterCard strived to assist Myanmar in its budding journey towards financial inclusion.
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By GlobalDataIn October 2013, MasterCard and CB Bank rolled out Myanmar’s first ever payment product – the CB Bank EASI Travel Prepaid Mastercard, a prepaid card for locals.
