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Myanmar Payment Union Signs MOU with JCB International
Myanmar with a population of 62 million is a country with increasing attractiveness as a new investment destination. As Myanmar will host the Southeast Asian Games in December 2013, followed by the Association of Southeast Asian Nations in 2014 to be chaired by Myanmar, there is growing demand for acceptance of payment cards from business visitors and tourists coming to Myanmar. At the same time, JCB anticipates the increasing need for local issuance of credit cards to Myanmar residents due to the rapid economic growth and the rise in national income. MPU was established by the Central Bank of Myanmar with 17 local banks to promote the acceptance and issuance of payment cards in the country.
With this MOU with MPU, JCBI aims to expand JCB card acceptance early in 2013 and to launch JCB card issuing program in the near future.
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes over 22 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 16 countries and territories, with more than 77 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, visit: www.jcbcorporate.com/english .
Note: JCB statistics included in About JCB are as of the end of March 2012.
Myanmar Payment Union (MPU), the only one payment network in the country, was established in 2011 with 17 banks from both private and state owned sectors with the aim of introducing online debit cards in Myanmar. Vision of MPU is creating a cashless electronic retail payment environment in Myanmar.
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