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

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

Jan 13 2015

Jan 13 2015, Yangon and Tokyo – 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.

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.