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Wednesday, 14 January 2015, 12:00 HKT/SGT

Source: JCB
Myanmar Payment Union and JCB Sign MOU for First International EMV Debit Cards in Myanmar

Yangon and Tokyo, Jan 14, 2015 - (ACN Newswire) - Myanmar Payment Union ("MPU"), the national payment network of the Republic of the Union of Myanmar founded by the Central Bank of Myanmar, and JCB International Co., Ltd. ("JCBI"), the international operations subsidiary of JCB Co., Ltd., are pleased to announce that MPU and JCBI have signed an MOU in regard to MPU member bank issuing of JCB debit cards to residents of Myanmar. The initial timeframe of the MOU anticipates the launch of MPU/JCB co-branded card issuing in 2015.

Myanmar Payment Union and JCB Sign MOU for First International EMV Debit Cards in Myanmar

The scope of the MOU, signed January 9 2015, is for MPU member banks in Myanmar to issue MPU/JCB co-branded debit cards linking to their customer's saving accounts. The cards will be accepted on the JCB international network which includes about 27 million JCB merchants in 190 countries and territories around the world.

MPU and JCBI have been developing their partnership since entering into the Master License Agreement for merchant acquiring in July 2013, and are committed to expanding JCB card acceptance in Myanmar. Now JCB cards may be used at most MPU accepting locations through MPU's national payment network.

This card issuing initiative would be a valuable addition to MPU and its member bank's domestic payment scheme portfolio. At the same time, the use of J/Smart, JCB's EMV-compliant chip program, will also help in implementing EMV acceptance in Myanmar.

Mr. Koremitsu Sannomiya, President & COO of JCBI, said, "Myanmar's payment card market has high potential for the future as the nation has opened to the world and the economy and consumer affluence continue to grow. With the strong leadership of MPU in the financial industry in Myanmar, JCBI has been able to offer the benefit of our international experience and flexible approach to help to grow financial institution businesses and build a win-win proposition for all."

Mr. Mya Than, Chairman of MPU, commented, "MPU would be proud to issue co-branded cards with JCB. Currently, MPU has opened most of the 3,000 MPU accepting POS for JCB cardmembers from outside of Myanmar. A card issuing partnership would provide our member banks the opportunity to expand their product portfolio and allow consumers to reach the global market and also the international E-commerce market with one single card. JCBI offers us a unique opportunity to share their global knowledge and best practices in the international payment industry. Our local understanding of the payment landscape and JCBI's global outlook are bound to open up new vistas of innovation and collaboration in Myanmar."

About Myanmar Payment Union

MPU was established under the guidance of the central bank of Myanmar with 20 local banks as the national payment network in Myanmar to promote the acceptance and issuance of payment cards in the country and aim to construct a cashless electronic retail payment environment. MPU cards, currently only for domestic payment use, will be accepted internationally by adding JCB payment service through this partnership. MPU and its member banks will be able to offer their customers card payment services at JCB's existing acceptance network in 190 countries and territories around the world.

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 27 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 17 countries and territories, with more than 86 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, visit: www.jcbcorporate.com/english

Note: JCB statistics included in About JCB are as of the end of September 2014.

JCB International Co., Ltd.
Ayako Tanaka
Corporate Planning
Phone: +81-3-5778-8390
Email: jcbinternational-pr@info.jcb.co.jp

Myanmar Payment Union
Zaw Lin Htut
Phone: +95-1-8603895
Email: mpu.ceo@mptmail.net.mm

Topic: Business Tieup
Source: JCB

Sectors: Cards & Payments
From the Asia Corporate News Network

Copyright © 2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


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