Written by Admin on January 30, 2014. Posted in News
Myanmar's first-ever locally developed electronic payment system will be run under a public corporation, according to its general secretary Ye Min Oo, reported the Irrawaddy.
MPU is a group of 18 local banks united to develop the electronic payment platform in the cash dominated economy.
It was founded in 2011 with 11 banks and extended to the current size with partnerships of seven more local banks including three state-owned banks.
After reforming the central bank of Myanmar, the MPU has fallen under the management of the central bank, which now becomes an independent body separated from the Ministry of Finance and Revenue.
The MPU's board of directors is currently formed with managing directors from 18 member banks.
It is in cooperation with China Union Pay, Japan's JCB International and MasterCard and Visa from US.
After years of notorious cash domination, the country's major tourist spots have started to accept international card payment system.
Source: http://www.news.myanmaronlinecentre.com/2014/01/31/mpu-to-become-public-corporation/
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