MasterCard, together with Co-operative Bank Ltd (CB Bank), have announced the launch of the first contactless card in Myanmar - CB EasiTravel Prepaid MasterCard - to support the growing demand of Myanmar citizens for travel and cross-border spending.
"More Myanmar citizens are making trips to neighbouring countries than ever before, buoyed by recent relaxing of entry Visa restrictions. This trend will continue as the economy grows and gains traction. CB Bank is always looking for ways that will bring convenience to Myanmar travellers. CB Banks's newly issued MasterCard Contactless card will give added convenience when making payments internationally," said U Kyaw Lynn, CEO & Vice Chairman of CB Bank.
The International Monetary Fund projected the economic growth of Myanmar at around eight percent in 2016 with outbound and inbound tourism set to significantly contribute to the country's growth in the coming years.
"Earlier this month, it was announced that four foreign banks were issued preliminary approval to operate in Myanmar. It is great to see the government taking further steps toward opening up Myanmar's economy, and we are optimistic that this will provide an excellent foundation for commerce to thrive," said Antonio Corro, Country Manager of MasterCard in Thailand and Myanmar. "With the launch of the first MasterCard contactless card in the country, we are continuing to develop the local payment landscape and look forward to more partnership opportunities that allow us to further financially empower the people of Myanmar."
MasterCard is currently working with merchant and other bank partners to increase the acceptance of payment cards across the country. Currently, there are over 2,800 restaurants, retail outlets and hotels in Myanmar that accept payment cards.
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