JCB cards set for September rollout

JCB cards set for September rollout

By Aye Thidar Kyaw   |   Sunday, 07 July 2013

Japanese Credit Bureau-linked electronic payment cards can be used at 17 member banks of the Myanmar Payment Union from September, following the signing of an agreement between the two agencies on July 4.

MPU launched its cards in September but supporting infrastructure, such as stable electricity and internet connections, remain untrustworthy for many potential users. It is aiming, however, to upgrade its electronic payment network in time for the Southeast Asian Games in December and before Myanmar assumes the chair of ASEAN next year.

Central Bank of Myanmar deputy director general U Maung Maung said a functioning electronic payments system will encourage innovation in the banking sector and reduce reliance on cash. "It will play a crucial role in providing economic and financial stability, and contribute to safety and efficiency," he said.

From September the JCB debit card can be used at 292 automatic teller machines and 1772 point of sale terminals linked to 17 MPU member banks, U Maung Maung added. The central bank is also trying to  encourage an electronic payments system to support growth in the retail sector, as well as to create a payment mechanism for the planned stock exchange and bond market.

It has enlisted international financial institutions, as well as state-owned and private banks, to assist this process. Hideaki Matsuo, a counsellor at Japan's embassy in Yangon, said Japan has provided a broad range of support to Myanmar over the past year, including forgiving billions of dollars in debt, providing technical support to the Central Bank and several ministries and assisting the planning of Yangon city, he said.

Source: http://www.news.myanmaronlinecentre.com/2013/07/11/jcb-cards-set-for-september-rollout/