MasterCard Launches New Services and Cards in Myanmar

About a year since launching the country’s first prepaid card, MasterCard has partnered with Kanbawza Bank (KBZ Bank) to launch its second prepaid card in the market with the KBZ Explore Prepaid Card, and also its third prepaid card - the My AYA MasterCard Prepaid Card (MY Card) with Ayeyarwady Bank (AYA Bank).

A reloadable card with EMV chip, the KBZ Explore Prepaid Card provides a secure and convenient way to make payments when traveling overseas. Accepted worldwide, wherever MasterCard is accepted, the card can be used at online merchants as well. Consumers can also check card transactions and their balance by logging into their online KBZ account.

“The KBZ Explore Prepaid Card provides consumers with an alternative payment mode and also facilitates cashless payments. 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 Mr. Aung Kyaw Myo, Managing Director, Consumer Banking, Kanbawza Bank Ltd.

Meanwhile, AYA Bank is looking to target the fast growing, young and savvy workforce and student population, who enjoy traveling and shopping online. The MY Card is also a reloadable card with EMV chip for added 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.

Mr. Antonio Corro, country manager, Thailand & Myanmar, MasterCard, said, “We are happy to be able to launch additional prepaid products in the market as part of our efforts to bring financial services to more citizens of Myanmar. 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 Ban 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.

The number of ATMs in Myanmar which accept MasterCard has been growing at an astounding rate, from over 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.