The world’s most popular electronic payment cards – MasterCard and Visa – will be available in Myanmar this September if the Central Bank grants permission.
Cooperative Bank (CB Bank) Managing Director Pe Myint told Mizzima that his Myanmar based bank will forge ahead in an attempt to issue both MasterCard and Visa credit cards before the year is out. Currently, domestic banks cannot issue the cards, however CB Bank is confident it will become the first. The move would promote an improvement in credit card services, which are largely unavailable to foreigners and locals alike at this point.
“I think we can be the first to issue these cards. We want to use these in Myanmar after getting approval from Central Bank,” said Pe Myint. “The cash limit and credit limit will first have to be set by regulations issued by the Myanmar Central Bank.” Foreign Visa and MasterCard users could theoretically have used their cards in Myanmar since April 2013, however services are currently unreliable and most people still rely on cash for all purchases.