Cards and cashless payments

SINGAPORE, 19 December 2014: A year after launching Myanmar’s first prepaid card, MasterCard is making significant strides to support cashless payments channels that facilitate travel and tourism.
Partnering with Kanbawza Bank Ltd (KBZ Bank), MasterCard has launched its second prepaid card in the market with the KBZ EXPLORE Prepaid Card; and its third prepaid card, My AYA MasterCard Prepaid Card (MY Card) with Ayeyarwady Bank Ltd (AYA Bank).
A reloadable card with EMV chip, the KBZ EXPLORE Prepaid Card provides a secure way to make payments for Myanmar citizens when travelling overseas.
Accepted worldwide, wherever MasterCard is accepted, the card can be used at online merchants as well. Consumers can easily check card transactions and their balance by logging into their online KBZ account.
inside no 5“Since the launch of the KBZ EXPLORE Prepaid card, we have seen good response and are confident that the number will grow by more than double by 2015,” said Kanbawza Bank consumer banking managing director, Aung Kyaw Myo.
AYA Bank will target the fast growing, young workforce and student population, who enjoy travelling and shopping online. The MY Card is also a reloadable card with EMV chip for security. It can be loaded with US dollars not just for use on overseas travel, but is also a safe and convenient payment option for shopping at international online shopping sites.
MasterCard country manager Thailand & Myanmar, Antonio Corro, said: “Additional prepaid products in the market are part of our efforts to bring financial services to more Myanmar citizens. However, we acknowledge that it doesn’t stop there. Building consumer trust in electronic payments is crucial. In line with our financial inclusion strategy in Myanmar, we continue to provide support in educating local citizens on the benefits of electronic payments and increasing access and acceptance to financial services and infrastructure.”
There are also plans to launch Myanmar’s first Smartphone-enabled Prepaid Card with Myanmar Citizen Bank and 2C2P.
The Citizen Card is a reloadable Prepaid MasterCard targeting not just those travelling abroad and online shoppers, but also travel and tour companies for their B2B payments. A key highlight of the Citizen Card is that it allows consumers to monitor their transactions in real-time and receive online support, using an app that will be available on the iOS and Android platforms. With the Citizen Card, consumers can also enjoy special benefits and privileges at some of Myanmar’s attractive overseas destinations such as Thailand and Singapore.
Mastercard entered the market in 2012 and by October 2013, MasterCard and Co-operative Bank Ltd (CB Bank) launched Myanmar’s first ever payment product, a prepaid travel card for locals called the CB Bank EASI Travel Prepaid MasterCard card, which has seen a healthy take-up rate. Approximately fifty new card applications on average are received every day and the average ticket size for use is USD195, according to CB Bank executive vice chairman and CEO, Kyaw Lynn.
inside no 5.1In August 2014, MasterCard had also issued its 10th MasterCard License to YOMA Bank Limited. As of 20 November 2014, MasterCard has 10 partners in Myanmar (nine financial institutions & one finance company): Co-Operative Bank Ltd; Kanbawza Bank Ltd; United Amara Bank Ltd; Myanma Apex Bank Ltd; Myanmar Citizens Bank Ltd; Myanmar Oriental Bank Ltd; Ayeyarwady Bank Ltd; Asia Green Development Bank Ltd; Yoma Bank Limited; and Ryuji Finance Company Ltd.
The number of ATMs in Myanmar which accept MasterCard has grown from 140 ATMs in 2013 to over 829 ATMs* as of the third quarter of 2014 alone, marking a near six-fold increase. The number of point-of-sale (POS) acceptance terminals grew from 72 to over 1,189 in the same period, which signify a growing movement towards cashless payments.
At present, more than 1,114 restaurants, retail outlets and hotels in Myanmar accept payment cards. This number is expected to grow even faster with United Amara Bank (UAB Bank) now also accepting international MasterCard cards for ATM withdrawals. UAB Bank is the sixth bank to accept MasterCard for ATM withdrawals in Myanmar.
*For a full list of ATMs in Myanmar which accept MasterCard and Maestro/Cirrus-branded cards, please use the ATM Locator tool available on mastercard.com.

sourced:traveldailynews.asia