MCB’s MPU-JCB Co-Brand Debit Card will enable holders to access MPU’s merchant network across Myanmar and make withdrawals at MCB ATMs, other ATMs which accept the MPU/JCB logo and ATMs which accept the JCB logo in other countries. It can also be used in making payments via point-of-sale (POS) machines at local and international sales counters as well as make payments and top-ups online.

Cardholders will be able to withdraw cash of up to K300,000 at a time and up to K1 million per day at any ATM. Local online payments of up to K5 million per day via POS will be allowed while overseas payments utilising the cardholder’s bank account balance will also be enabled.

The aim is to contribute towards expanding the cashless economy in Myanmar, said Mr Takeshi Fujii, chief representative from the Yangon Branch of JCB International (Thailand).

This comes a week after Yoma Bank entered into a partnership with Mastercard on June 18 in a move that will “enable the bank to substantially expand its digital offerings and accelerate the advancement of Myanmar’s digital economy,” Yoma Bank said in its announcement.

“The partnership will also support Yoma Bank’s core strength of being the bank for businesses in Myanmar by creating a seamless payments ecosystem for businesses of all sizes and from every industry to engage in,” said Dean Cleland, CEO of Yoma Bank.

The government has been actively encouraging the development and use of cashless payment products and digital platforms to drive inclusive growth in Myanmar and the outbreak of COVID-19 has accelerated this.

“COVID-19 has impacted everyone and all economies adversely. Considering this, digitisation of payments will be essential to building a strong foundation for a lasting recovery that reaches all citizens through greater financial inclusion,” Yoma Bank said.

Source: https://www.mmtimes.com/news/myanmar-local-banks-launch-debit-credit-cards-drive-cashless-push.html