Myanmar Payment Union (MPU) has signed a memorandum of understanding (MoU) with JCB International (JCBI), a subsidiary of Japan-based credit card issuer JCB, to issue co-branded debit cards to residents of Myanmar.
The agreement will allow MPU member banks in Myanmar to issue MPU-JCB co-branded debit cards linked with customer saving accounts. The cards will be accepted on the JCB international network including 27 million JCB merchants in 190 countries and territories across the world.
The initiative of using J/Smart, JCB’s EMV-compliant chip program will add to MPU and its member bank’s domestic payment scheme portfolio besides helping in the implementation of EMV acceptance in Myanmar.
MPU chairman Mya Than said: "Currently, MPU has opened most of the 3,000 MPU accepting POS for JCB card-members from outside of Myanmar.
"A card issuing partnership would provide our member banks the opportunity to expand their product portfolio and allow consumers to reach the global market and also the international E-commerce market with one single card."