Myanmar’s Co-Operative Limited Bank (CB Bank), in collaboration with Mastercard, has unveiled contactless payments for the first time in Myanmar.
CB Bank will work with local merchants to enable contactless payments at 5,000 locations in the country by the end of 2017.
The companies will roll out a Mastercard-branded contactless credit card for Myanmar consumers in October.
The ‘tap and pay’ card will enable the bank’s customers to wave it on a contactless-enabled terminal at supermarkets, convenience stores and petrol stations to complete the transaction.
It will also be accepted outside of the country at over 6.5 million merchants across 97 nations where Mastercard contactless payment is accepted.
CB Bank CEO and executive vice chairman U Kyaw Lynn said: “Today, we are marking another milestone in Myanmar’s road towards a cashless society. CB Bank always strives to continuously improve, develop and innovate to advance Myanmar’s banking and payments industry.
“With today’s launch in partnership with Mastercard, the people of Myanmar will soon get to benefit from the safety and security and convenience of contactless payments.”
Mastercard country manager for Thailand and Myanmar Donald Ong said: “The launch of contactless payments is an important step forward for Myanmar’s e-payment journey.
“Contactless payments deliver greater convenience and security to consumers and merchants and are widely adopted as a preferred payment mode all around the world. We are therefore delighted to partner with CB Bank in introducing this in Myanmar.”