CB and MasterCard launch Myanmar's first prepaid travel card

CB and MasterCard launch Myanmar's first prepaid travel card

Published on Thursday, 10 October 2013 20:29

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EASI Travel Master Card seen (Photo-Sai Zaw/EMG)

Myanmar's Co-operative Bank (CB) and MasterCard have launched the first prepaid travel card for Myanmar citizens to withdraw cash in more than 210 countries, according to bank executives.

The EASI Travel Master Card allows users to deposit up to US$ 5,000, leaving a minimum amount of US$ 20 to keep the card functional. This allows Myanmar citizens to travel abroad without having to carry large amounts of cash.

"Just as our country is opening up to the world, at the same time, the world is opening up to our countrymen and we're seeing more and more locals travel abroad. We are so glad to introduce this travel prepaid MasterCard card to help make their travels safe and hassle-free without the worries of carrying large amounts of cash," said Kyaw Lin, CEO of CB Bank.

The Co-operative Bank has been expanding the electronic banking sector in Myanmar, where the majority of people still do not have access to banking services.

Many middle income families living in Yangon, Myanmar's largest city and business hub, are beginning to open savings accounts with local banks. However, the majority of the population still don't have access to banking services.

Including people in banking services has interested global financial companies such as MasterCard keen to invest in what they see as a promising future consumer market.

"Part of the allure of operating in such a frontier market is in seeing the vital steps of financial inclusion play out," said Matthew Driver, president for MasterCard Southeast Asia.

"A vast majority of people in Myanmar remain unbanked and don't have access to financial services. But the payments infrastructure is rapidly developing – from the rollout of ATMs, point-of-sale terminals, and now the introduction of prepaid cards, this presents an alternative option for the growing number of locals who've had to carry wads of cash when they leave the country for business or leisure travel. It offers them a safe and secure payment method while abroad," added Matthew Driver.

MasterCard was the first international payments network to issue a licence to a Myanmar bank in September last year, paving the way for international payment cards to be accepted in the country for the first time.

In November 2012, MasterCard and Co-operative Bank Ltd. teamed up to launch the first ATM transaction at one of CB's Yangon branches.

Source: http://www.news.myanmaronlinecentre.com/2013/10/11/cb-and-mastercard-launch-myanmars-first-prepaid-travel-card/