MasterCard and Co-Operative Bank (CB Bank) have teamed up to introduce three new credit cards for Myanmar residents and citizens travelling abroad.
The Classic, Gold and Platinum MasterCard-branded credit cards will enable the bank to tap the one of the fastest growing outbound travel markets in Asia Pacific with a growth projection of 10.6% for the next five years.
Commenting on the launch of new credit cards, CB Bank executive vice chairman and CEO Kyaw Lynn said: “As more Myanmar residents and citizens travel abroad, it is crucial to have convenient and secure access to their funds wherever they are. A cashless society is an important goal for CB Bank.
“Although still a work in progress, we are working hard with like-minded partners such as MasterCard to achieve that goal by expanding the payment options, increasing usage of ATMs, POS terminals and enhancing e-commerce capabilities.
“For starters, we are already seeing a great shift from cash to electronic payments. And on average, there are 9,000 transactions being made monthly via electronic payment at the point-of-sale.”
After foraying into Myanmar in 2012, MasterCard strived to assist Myanmar in its budding journey towards financial inclusion.
In October 2013, MasterCard and CB Bank rolled out Myanmar’s first ever payment product – the CB Bank EASI Travel Prepaid Mastercard, a prepaid card for locals.