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March 22, 2016

MasterCard and CB Bank launch contactless card in Myanmar

MasterCard and the Co-operative Bank Ltd (CB Bank) have announced the launch of the CB EasiTravel Prepaid MasterCard Contactless card.

By Verdict Staff

MasterCard and the Co-operative Bank Ltd (CB Bank) have announced the launch of the CB EasiTravel Prepaid MasterCard Contactless card.

The card was launched to meet the growing demand for travel and cross-border spending in Myanmar. According to MasterCard’s latest research, 61 percent of people in Myanmar are seeking to travel abroad more in the next 12 months – a stark increase from just 25 percent two years ago.

CEO and vice chairman of CB Bank U Kyaw Lynn said: "More Myanmar citizens are making trips to neighbouring countries than ever before, buoyed by recent relaxing of entry visa restrictions. This trend will continue as the economy grows and gains traction. CB Bank’s newly issued MasterCard Contactless card will give added convenience when making payments internationally."

Antonio Corro – country manager of Thailand and Myanmar at MasterCard – said: "Earlier this month, it was announced that four foreign banks were issued preliminary approval to operate in Myanmar. It is great to see the government taking further steps toward opening up Myanmar’s economy and we are optimistic that this will provide an excellent foundation for commerce to thrive."

Corro also noted that the people of Myanmar are optimistic about the future of their country. MasterCard’s latest MasterCard Index of Consumer Confidence recently revealed that people in Myanmar have the most positive outlook on the future of any Asia-Pacific market. "With the launch of the first MasterCard contactless card in the country, we are continuing to develop the local payment landscape and look forward to more partnership opportunities that allow us to further financially empower the people of Myanmar," he added.

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