Japanese credit card issuer JCB International has signed a memorandum of understanding (MOU) with Myanmar Payment Union (MPU), the country’s payment network.
The agreement will see the building of a JCB acceptance network and issuance of JCB cards in the country through the 17 member banks of the MPU.
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JCB aims to expand card acceptance in Myanmar in early 2013 and launch a JCB issuing program in the near future.
Myanmar has a population of 62 million and its GDP grew 6% in 2012, according to a Global Finance country report. In September of this year, the US lifted its import ban on the country in recognition of its political reforms.
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