MasterCard Sees A Good Opportunity for Payments in Myanmar
Mastercard continues to expand its presence in the newly opened Burmese economy with plans to roll out more POS terminals this year.
The move would allow card payment transactions to be accepted at over 500 restaurants, retail outlets and hotels in the commercial centre of Yangon – followed by the capital Naypyidaw, Mandalay and Bagan. This venture is in partnership with the Co-Operative Bank.
According to Antonio Corro, country manager and chief representative, of Mastercard Worldwide, Indochina, the rollout of POS acceptance will see a boost in tourism (which saw more than a million international visitors in 2012 compared to 816,000 in 2011).
Facilitating card acceptance should equip Myanmar to host the influx of visitors anticipated for the upcoming SEA games next December.
Other developments include the growth of prepaid mobile payments, a development led by Emida Technologies, a California prepaid services company. In addition, Myanmar bank authorities will introduce a Myanmar Payment Union (MPU) card which can be used in foreign countries starting next year. However, there is still a lots of room for growth, as at present, there are 198 ATMs and 465 points-of-sale within the MPU member bank network.
Make sure to check out Cards & Payments Asia, the largest and most dedicated regional event for payments on April 24-25 where we’ll be gathering the regional payments stakeholders to explore the industry’s biggest opportunities beyond 2013.