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Myanmar Payment Union and JCB International Sign Master License Agreement for First International EMV Debit Cards in Myanmar
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Mar 11 2015, Yangon and Tokyo – Myanmar Payment Union (“MPU”), the national payment network of the Republic of the Union of Myanmar (“Myanmar”) founded by the Central Bank of Myanmar, and JCB International Co., Ltd. (“JCBI”), the international operations subsidiary of JCB Co., Ltd. have signed a Master License Agreement in regard to JCB card issuing to residents of Myanmar. With this agreement, MPU member banks in Myanmar will issue MPU/JCB co-branded cards linking to their customers' saving bank accounts.
MPU, the only payment network in Myanmar, consists of 21 banks with the aim to construct a cashless electronic retail payment environment. By adding JCB payment services on its network, MPU and its member banks will offer their customers card payment services at JCB's acceptance network of 27 million locations in 190 countries and territories. MPU/JCB co-branded cards will be issued with J/Smart, JCB's EMV compliant chip program, to facilitate secure payment transactions in Myanmar. This initiative would be valuable addition to MPU and its member bank's domestic portfolio.
MPU and JCBI have been developing their partnership since 2013, and are committed to expanding JCB card acceptance in Myanmar. Now JCB cards are accepted at most card accepting locations in the region through MPU network.
Kimihisa Imada, Deputy President of JCBI, stated, “It is a turning point for JCBI's business in Myanmar”. “With the strong leadership of MPU in the financial industry, JCBI promises to share its experiences and knowledge of payment business to contribute to the healthy development of Myanmar's payment industry.”
Mya Than, Chairman of MPU, said, “Through the partnership with JCBI, we believe we can enhance convenience of our customers in Myanmar. We hope that our partnership will introduce more attractive services and more customers prefer using MPU JCB co-branded cards not only domestically but also all over the world with JCB's acceptance network”.
About Myanmar Payment Union
MPU was established in 2011 under the guidance of the central bank of Myanmar with local banks from private and state owned sectors as the only national payment network in Myanmar to promote the acceptance and issuance of payment cards in the country. MPU cards, currently only for domestic payment use, will be accepted internationally by adding JCB payment service at JCB's existing acceptance network in 190 countries and territories around the world through this partnership. |
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