MasterCard, Myanmar's CB Bank unveil prepaid travel card

MasterCard, Myanmar's CB Bank unveil prepaid travel card

Published on Saturday, 12 October 2013 19:52

The Nation 

MasterCard and Co-operative Bank have announced their first payment product in Myanmar - a prepaid travel card called the CB Bank EASI Travel Prepaid MasterCard.

The reloadable prepaid card will be made available to Myanmar residents for when they travel outside the country. It is the first such card to be launched in Myanmar and is another stage in the evolution of the electronic-payments ecosystem. 

MasterCard has been working closely with CB Bank, which it licensed in September last year, to enable it to roll out its first prepaid MasterCard. CB Bank is already certified and has undergone full system testing as part of its efforts to be connected to the global payments network. 

Kyaw Lynn, executive vice chairman and chief executive of CB Bank, said the bank continued to be first in the electronic-payments sector in Myanmar and was pleased to be able to collaborate with MasterCard to launch this travel prepaid card. 

"Just as our country is opening up to the world, at the same time, the world is opening up to our countrymen, and we're seeing more and more locals travel abroad. We are so glad to introduce this travel prepaid MasterCard to help make their travels safe and hassle-free without the worries of carrying large amounts of cash."

Matthew Driver, MasterCard president for Southeast Asia, said: "Part of the allure of operating in such a frontier market is in seeing the vital steps of financial inclusion play out: A vast majority of people in Myanmar remain unbanked and don't have access to financial services. But the payments infrastructure is rapidly developing - from the roll-out of ATMs, point-of-sale terminals, and now the introduction of prepaid cards. 

"This presents an alternative option for the growing number of locals who've had to carry wads of cash when they leave the country for business or leisure travel. It offers them a safe and secure payment method while abroad." 

Overall consumer optimism is at an extreme high in Myanmar (96.0 points according to the latest MasterCard Index of Consumer Confidence). According to the MasterCard survey of consumer purchasing priorities, nearly two-thirds of people who have travelled abroad intend to do so again within the next 12 months, making the introduction of a prepaid travel card timely for the market. 

"Part of our financial-inclusion strategy in Myanmar is to educate the local population about the value of electronic payments - we would like to help them understand the benefits of doing away with cash," Driver said.

Myanmar is in the process of reforming its banking and financial system. MasterCard was the first international payments network to issue a licence to a Myanmar bank in September last year, paving the way for international payment cards to be accepted in the country for the first time. 

Last November, MasterCard and Co-operative Bank Ltd teamed up to launch the first ATM transaction at one of the bank's Yangon automated teller machines.

It is expected that more than 500 restaurants, retail outlets and hotels in Myanmar will be accepting payment cards by the end of the year, after the roll-out of point-of-sale (POS) terminals this March with CB Bank.

http://www.information.myanmaronlinecentre.com/mastercard-myanmars-cb-bank-unveil-prepaid-travel-card/