MasterCard to issue the first card in Myanmar

MasterCard has signed an agreement with Myanmars second oldest commercial bank for the issuing of branded cards, becoming the first international payment network to operate in the country.The deal with the local Co-Operative Bank also means that MasterCard cards will be accepted on the bank ATM network and at point-of-sales in the future. Only a few Myanmars hotels currently process foreign card transactions, and the first ATM in the country was rolled out by Co-Operative Bank in November 2011.Vicky Bindra, MasterCard AsiaPacific, Middle East and Africa president said: To be the first international payments network to issue a license in Myanmar is a momentous step for MasterCard and a testament to our commitment to providing safe and secure payment solutions to all parts of the AsiaPacific region.The move comes a month after Visa also announced plans to develop Myanmars electronic payment network, starting by holding workshops with local banks employees.Myanmar has been experiencing greater economic openness following the suspension of US sanctions earlier this year. The country will host the 27th Southeast Asian Game and the World Economic Forum on East Asia in 2013.