MasterCard has launched a new prepaid card in Myanmar with Apex Bank Limited.
The roll-out comes three years after the lifting of sanctions in Myanmar.
The new prepaid card is launched just as the latest MasterCard survey on consumer purchasing priorities in travel indicates that three out of five Myanmar consumers surveyed intend to travel within the next 12 months (either as much or more than they did in the past 12 months).
The MAB Travel Prepaid MasterCard provides a way for consumers to make payment when travelling overseas for leisure, business or education, and also when shopping on e-commerce sites.
“We know that leisure travel and shopping are on the rise among Myanmar citizens and we hope this product will help to meet their needs,” said Win Min Khine, managing director, Myanma Apex Bank.
Since 2012, MasterCard has launched prepaid cards together with Co-operative Bank, Kanbawza Bank, Ayeyarwady Bank and Myanmar Citizen Bank with 2C2P, the last of which was also Myanmar’s first smartphone-enabled Prepaid Card.
At present, more than 2,000 restaurants, retail outlets and hotels in Myanmar accept payment cards.
Using Ripple's enterprise blockchain solutions, Standard Chartered has completed its first real-time cross-border payment for businesses with another major correspondent bank.
Three years on from being acquired by PayPal, Braintree, a company which allows merchants to process a range of different payments, has revealed the number of its payment transactions has increased by 25 times.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
Square has introduced a new update to its contactless and chip readers that reduces transaction speed to 4.2 seconds.