|Wednesday, 11 March 2015, 11:00 HKT/SGT|
Yangon and Tokyo, Mar 11, 2015 - (ACN Newswire) - Myanmar Payment Union ("MPU"), the national payment network of the Republic of the Union of Myanmar ("Myanmar") founded by the Central Bank of Myanmar, and JCB International Co., Ltd. ("JCBI"), the international operations subsidiary of JCB Co., Ltd. have signed a Master License Agreement in regard to JCB card issuing to residents of Myanmar. With this agreement, MPU member banks in Myanmar will issue MPU/JCB co-branded cards linking to their customers' saving bank accounts.
|Myanmar Payment Union and JCB International Sign Master License Agreement for First International EMV Debit Cards in Myanmar|
MPU, the only payment network in Myanmar, consists of 21 banks with the aim to construct a cashless electronic retail payment environment. By adding JCB payment services on its network, MPU and its member banks will offer their customers card payment services at JCB's acceptance network of 27 million locations in 190 countries and territories. MPU/JCB co-branded cards will be issued with J/Smart, JCB's EMV compliant chip program, to facilitate secure payment transactions in Myanmar. This initiative would be valuable addition to MPU and its member bank's domestic portfolio.
MPU and JCBI have been developing their partnership since 2013, and are committed to expanding JCB card acceptance in Myanmar. Now JCB cards are accepted at most card accepting locations in the region through MPU network.
Kimihisa Imada, Deputy President of JCBI, stated, "It is a turning point for JCBI's business in Myanmar". "With the strong leadership of MPU in the financial industry, JCBI promises to share its experiences and knowledge of payment business to contribute to the healthy development of Myanmar's payment industry."
Mya Than, Chairman of MPU, said, "Through the partnership with JCBI, we believe we can enhance convenience of our customers in Myanmar. We hope that our partnership will introduce more attractive services and more customers prefer using MPU JCB co-branded cards not only domestically but also all over the world with JCB's acceptance network".
About Myanmar Payment Union
MPU was established in 2011 under the guidance of the central bank of Myanmar with local banks from private and state owned sectors as the only national payment network in Myanmar to promote the acceptance and issuance of payment cards in the country. MPU cards, currently only for domestic payment use, will be accepted internationally by adding JCB payment service at JCB's existing acceptance network in 190 countries and territories around the world through this partnership.
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 27 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 17 countries and territories, with about 87 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, visit: www.jcbcorporate.com/english
Note: JCB statistics included in About JCB are as of the end of September 2014.
JCB International Co., Ltd.
Myanmar Payment Union
Zaw Lin Htut
Topic: Business Tieup
Sectors: Cards & Payments
From the Asia Corporate News Network
Copyright © 2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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