MasterCard Myanmar issues travel card

MasterCard Myanmar and CB Bank have announced their first payment product, a prepaid travel card.

The CB Bank Easi Travel Prepaid MasterCard is reloadable and is designed for Myanmar residents travelling outside of the country. It is the first such card product for Myanmar and is part of its evolving electronic payments ecosystem.

CB Bank executive vice-chairman/CEO Kyaw Lynn says the bank continues to pioneer the electronic payments sector in Myanmar.

Mastercard Southeast Asia president Matthew Driver says that part of the allure of a frontier market like Myanmar is in seeing the vital steps of financial inclusion play out. “By far, most people in Myanmar remain unbanked and don’t have access to financial services, but the payments infrastructure is rapidly developing with ATMs, POS terminals and now prepaid cards.”

It is expected that more than 500 restaurants, retail outlets and hotels in Myanmar will be accepting payment cards by the end of the year.

Overall consumer optimism is high in Myanmar (96 points on the latest MasterCard Index of Consumer Confidence). A MasterCard survey has shown that nearly two-thirds of people who have travelled abroad intend to do so again within the next 12 months.