MasterCard Worldwide claims it has become the first international payments network to issue a license to a Myanmar bank, allowing branded cards to be issued and accepted in the country for the first time (view press release). As a result of a license agreement, Myanmar’s Co-Operative Bank Limited will issue MasterCard branded cards and accept MasterCard/Maestro/Cirrus cards at ATMs in the country. The deal also allows merchants in Myanmar to accept MasterCard payment cards, which will give them access to commerce and the ability to participate in the global payments system.
“Allowing the issuing and acceptance of MasterCard branded cards in the country is a huge step forward for Myanmar’s banking sector, its merchants and for the country as a whole; this collaboration will bring more of Myanmar’s citizens into the financial system and will have a huge impact on tourism and travel,” said Vicky Bindra, President, Asia/Pacific, Middle East and Africa, MasterCard Worldwide. “Electronic payments will also be crucial in helping Myanmar connect to the global economy, facilitating business activity, and creating a better life for its citizens through financial inclusion.”