A new co-branded debit card is the first one citizens of Myanmar can use both inside and outside the country.
The UnionPay and MPU C0-Brand Debit Card is the result of a partnership between a quartet of organizations — Southeast Asian payment services company 2C2P, Asia Green Development Bank, the Myanmar Payments Union and UnionPay International.
MPU is the Republic of the Union of Myanmar’s national payment network. It authorizes the issuance and acceptance of the more than 1.2 million payment cards in the country.
China UnionPay subsidiary UnionPay International has issued more than five billion cards which are accepted in more than 150 countries, at 1.8 million ATMs and by more than 26 million merchants.
Thanks to that reach, cardholders can finally shop and pay with international merchants. 2C2P CEO Aung Kyaw Moe explained how they accomplished the feat.
“2C2P is committed to support Myanmar’s financial institutions. We do this by bridging the gap between local and international infrastructure. We bring our robust platform, as well as our experience and knowledge in international payments, making it possible for Myanmar’s banking and financial institutions to innovate — offering new services which leapfrog legacy financial technologies.”
Asia Green Development Bank cardholders can download an iOS and Android app facilitating real-time monitoring. They also are enrolled into a popular loyalty program.
The new card comes during what is forecast to be a significant growth period for Myanmar, whose economy is expected to grow from 2014’s $45 billion to $200 billion by 2030 due to a large (47 percent) under 25 population.